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Discovery's US networks revenues up 5% YOY; tax benefit boosts net income

Discovery Inc. reported second-quarter net income available to the company of $947 million, or $1.33 per share, up from $216 million, or 30 cents per share, in the prior-year quarter.

The S&P Global Market Intelligence GAAP EPS consensus estimate for the quarter was $1.33.

The company said the increase in net income was a result of higher operating results and a one-time, noncash tax benefit recognized in the quarter. Discovery carried out a number of internal restructurings across several areas within the international networks segment. The net effect of these restructuring activities was a one-time, noncash income tax benefit of $455 million from the recognition of a deferred tax asset.

Total revenues for the quarter were $2.89 billion, up from $2.85 billion in the year-ago quarter. The revenues rose as a 5% increase in U.S. networks revenues was partially offset by a 3% decrease in international networks revenues and a decrease in other revenues due to the sale of the education business.

Excluding the impact of foreign-currency fluctuations, total company revenues in the quarter increased 4% and international networks revenues increased 3%.