Discovery misses by $0.15, reports revs in-line; guides FY13 revs above consensus Reports Q4 (Dec) earnings of $0.61 per share, $0.15 worse than the Capital IQ Consensus Estimate of $0.76; revenues rose 8.5% year/year to $1.2 bln vs the $1.2 bln consensus. Co issues upside guidance for FY13, sees FY13 revs of $5.575-5.7 bln vs. $5.18 bln Capital IQ Consensus Estimate.

• Adjusted OIBDA increased 7% to $415 million primarily reflecting 4% revenue growth and flat operating expenses as higher content amortization was offset by additional content costs in the fourth quarter of 2011 from a change in amortization rates at certain networks and higher content impairment charges.

"Discovery's commitment to investing in our brands and developing new and diverse growth opportunities produced another year of strong operating momentum and financial results in 2012. The appeal of our content resulted in larger audiences across the globe, enabling us to deliver consistently healthy advertising growth both domestically and internationally, while we further leveraged our valuable programming across emerging distribution platforms worldwide.

FY13 Outlook Details:

• Co sees Adjusted OIBDA between $2.425 billion and $2.525 billion, and net income available to Discovery Communications, Inc. stockholders of $1.200 billion to $1.300 billion. Our outlook assumes the acquisition of the SBS Nordic operations closes during the first quarter of 2013, incorporates current foreign exchange rates for revenues and expenses and the current share price for mark-to-market equity-based compensation calculations.

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