Scripps Networks Interactive posts 2Q profit jump
CINCINNATI — Scripps Networks Interactive Inc. posted a 49 percent jump in second-quarter profit Thursday, driven by strong fee revenue from its television affiliates.
In the three months ended June 30, the company earned $79.5 million, or 48 cents per share, compared with $53.3 million, or 33 cents per share a year earlier.
Quarterly revenue decreased 3.7 percent to $391 million.
Analysts surveyed by Thomson Reuters forecast a profit of 34 cents per share on revenue of $362 million.
The results for the year-ago period included a charge of $26.4 million, or 16 cents per share, related to the company’s spin-off from its parent company, E.W. Scripps Co. Since Scripps Networks wasn’t operated independently before July 1, 2008, net income for the second quarter of last year included an estimate of corporate expenses.
Scripps said expenses in the most recent quarter fell 1.1 percent year over year.
Total revenue for the Lifestyle Media segment, which includes HGTV and Food Network, was $351 million, a slight increase from $349 million a year ago.
Revenue from affiliate fees increased 15 percent on improved rates for HGTV and expanding distribution of the company’s television networks. The growth was offset by a 3.8 percent decrease in advertising revenue, which fell to $261 million.
Revenue from the company’s Interactive Services business segment, which includes online comparison shopping services Shopzilla and BizRate, was $40.8 million, compared with $57.2 million during the same period last year.
Shares of Scripps Network rose 7 cents to $32.81 in late afternoon trading.
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