UPDATE: Discovery Posts Upbeat Q4 Earnings

Discovery Communications DISCA reported a better-than-expected fourth-quarter profit. Its quarterly net income surged to $289 million, or $0.81 per share, versus $224 million, or $0.61 per share, in the year-ago period. Excluding items, it earned $0.92 per share. Discovery's total revenue climbed 28% to $1.54 billion. However, analysts were expecting earnings of $0.89 per share on revenue of $1.55 billion. Discovery shares closed at $82.86 yesterday.