Spanish-language media conglomerate Univision Communications Inc. said Thursday that strong sales and viewership for its television networks helped to more than double its earnings in the third quarter.
The Los Angeles-based company said its net income was $42.2 million, or 16 cents a share, for the three months ended Sept. 30, compared with $20.3 million, or 8 cents a share, in the same period last year.
Analysts surveyed by Thomson First Call expected Univision to earn 13 cents a share for the quarter.
Net revenue increased 19% to $321.1 million, up from $269.8 million in the same period last year. The company said net revenue from its television operations rose to $283.9 million, up from $239.8 million a year earlier.
Chairman and Chief Executive A. Jerrold Perenchio said he was pleased with the way the company was integrating the assets of Hispanic Broadcasting Corp. Univision acquired the company, which had grown into one of the country's biggest Spanish-language radio groups, last month and launched Univision Radio.
"This merger and the creation of Univision Radio has opened important new avenues of growth, as the combined company has achieved the scale and scope to better serve advertisers and the rapidly growing Hispanic community," Perenchio said.
Univision said it expected net revenue for 2003 to rise by 20%.
Univision reported its results after the close of regular trading on the New York Stock Exchange, where shares rose 18 cents to $32.98. They gained $1.27 in the extended session.