Discovery Communications reported a 22% rise in Q1 revenue, helped by strong ad growth in its international networks. Revenue was $1,411 million, up $255 million, or 22%, over Q1 2013. Net income fell to $230 million, or 66 cents per share, in the quarter from $231 million, or 63 cents per share, a year earlier. Adjusted OIBDA increased 5% to $525 million. Free cash flow increased 103% to $213 million. In the quarter, the company repurchased 3.4 million shares of common stock for $266 million.
Said David Zaslav, Discovery CEO: “Discovery’s strong organic growth continued during the first quarter as our unparalleled global reach and sustained investment in diverse and engaging content allowed us to capitalize on the growing demand for pay-tv programming worldwide. The larger audiences and consistent market share gains we are delivering are driving sustained financial results, even as we further invest in our platforms and integrate strategic acquisitions that will enhance our long-term growth prospects. As we look to the remainder of 2014, leveraging the significant opportunities across our existing asset portfolio remains our priority so we can maintain our financial momentum while further building long-term shareholder value.”
The boost in revenues was led by 51% growth at International Networks and 3% growth at US networks.