Scripps Networks posts higher 3Q earnings

AP News
Posted: Nov 01, 2012 10:39 AM

KNOXVILLE, Tenn. (AP) — Scripps Networks Interactive Inc., the operator of pay-TV networks such as Food Network and HGTV, said Thursday that its third-quarter net income grew 20 percent thanks to higher revenue from both advertising and distributor fees.

The company earned $118.4 million, or 78 cents per share, up 20 percent from $98.6 million, or 65 cents per share, in the same period a year ago.

Revenue grew 12 percent to $566.2 million from $503.7 million.

Analysts, on average, were expecting earnings of 74 cents per share on revenue of $555.6 million, according to a poll by FactSet.

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Advertising revenue grew 10 percent from a year ago to $377 million and affiliate fee revenue jumped 18 percent to $175 million.