• by Wayne Friedman , February 18, 2016

Mid-Thursday trading had the company’s stock down nearly 6% to $25.67. Discovery Communications revenues were down 2% to $1.65 billion, with net income down 12% to $226 million.

Analysts say Discovery's financial results were, for the most part, worse than projections. Specifically, cash-flow (earnings before interest, taxes, depreciation, and amortization) was lower, down 10% to $574 million.

As with other media companies, Discovery witnessed improving U.S. advertising revenues in the fourth quarter. But its international networks declined, due to unfavorable exchange rates.

During the period, U.S. advertising revenues were 5% higher to $418 million, with overall U.S. affiliate revenue growth up 7% to $355 million. Overall U.S. revenue growth climbed 6% to $787 million.

But international networks sank 8% to $816 million -- with advertising sinking 11% to $385 million. Company-wide advertising was down 3% to $804 million.

U.S. networks only posted slightly higher operating income, before depreciation and amortization, gaining 1% to $410 million, with international networks declining 20% to $262 million.