Scripps Networks posts sharply higher 2Q earnings

AP News
Posted: Aug 02, 2012 3:01 PM

KNOXVILLE, Tenn. (AP) — Scripps Networks Interactive Inc., the operator of pay TV networks such as Food Network and HGTV, said Thursday that its second-quarter net income grew 84 percent thanks to higher revenue from advertising and distributor fees.

The company earned $142.4 million, or 93 cents per share, in the April-June period. That's up from $77.4 million, or 78 cents per share, in the same period a year earlier.

Revenue grew 13 percent to $601 million from $534 million.

Analysts, on average, were expecting earnings of 87 cents per share on revenue of $590.8 million, according to a poll by FactSet.

Advertising revenue jumped 12 percent to $417 million, while distributor fee revenue increased 16 percent to $171 million.

Scripps expects 2012 revenue to grow by 10 percent to 12 percent. Analysts are expecting revenue of $2.29 billion, an increase of 11 percent from 2011.

Shares rose $2.63, or 4.9 percent, to $56.36 in afternoon trading. The stock has traded in the 52-week range of $33.82 to $57.75.