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UPDATE 2-Discovery cuts 2012 rev outlook after Q3 earnings miss

* Sees FY revs $4.48-$4.53 bln vs pvs $4.55-$4.65 bln

* Sees net income of $975 mln to $1.025 bln

* 3rd-qtr EPS 57 cents vs Street view 63 cents

Nov 6 (Reuters) - Discovery Communications Inc lowered its full-year revenue outlook on Tuesday after it reported worse-than-expected quarterly earnings due to a stronger dollar and higher taxes.

The company, whose cable networks include Discovery Channel, TLC and Animal Planet, benefited from advertising sales at home and abroad but had lower distribution revenue in the United States and foreign currency fluctuations.

As a result and due to higher costs related to its stock plan, Discovery expects total revenue for 2012 to be in a range of $4.48 billion to $4.53 billion.

It had forecast full-year revenue between $4.55 billion and $4.65 billion.

``Our stock has been performing so well that we now have higher expenses for stock compensation,'' a spokeswoman said.

Discovery's share price has gained 45.11 percent year to date and 35 percent within a year. It closed at $59.47 on Monday.

The company, which has a joint venture with Oprah Winfrey's OWN network, also forecast full-year net income of $975 million to $1.025 billion.

Analysts are, on average, anticipating full-year revenue of $4.56 billion and a net income of $1.056 billion.

The effects of a stronger dollar hurt third-quarter net income, which fell more than 10 percent to $214 million, or 57 cents a share, and missed Wall Street estimates of 63 cents a share, according to Thomson Reuters I/B/E/S.

Discovery's third-quarter net income a year earlier was boosted by a distribution deal with Netflix.

Revenue was largely flat at $1.08 billion, compared with the average expectation of $1.09 billion.

Discovery said advertising revenue in the United States rose 7 percent while distribution revenue fell 14 percent.

International Networks' revenue for the third quarter increased 7 percent, the company said.

Advertising revenue in local currencies increased 10 percent ``primarily from higher pricing across most regions, particularly at free to air networks in Western Europe'', Discovery said.