Scripps Networks posts higher 3Q profit

AP News
Posted: Nov 06, 2009 10:55 AM

Scripps Networks Interactive Inc. said Friday its third-quarter profit climbed 37 percent, boosted by strong revenue at its Food Network and HGTV networks.

The company had delayed its earnings by a day after announcing Thursday it is acquiring a majority stake in the Travel Channel in a joint venture with Cox Communications Inc.

Scripps said Friday its net income totaled $65.3 million, or 39 cents per share, up from a profit of $57.3 million, or 35 cents per share, in the same period a year earlier.

Revenue was nearly flat at $364.5 million.

Analysts, on average, were expecting a profit of 36 cents per share on sales of $365.6 million.

The company said the quarter's results "reflect strong affiliate fee revenue growth and improved advertising sales" at its flagship cable TV networks, Food Network and HGTV.

Shares added 3 cents to $39.26 in morning trading.