Scripps Networks 2nd-quarter profit, revenue grow as ad spending improves

Scripps Networks posts higher 2Q profit

CINCINNATI — Scripps Networks Interactive Inc. said Monday that its second-quarter net income jumped thanks to growth in advertising revenue and affiliate fees at its Lifestyle Media unit, which includes HGTV, the Food Network and the Travel Channel.

The company earned $106.2 million, or 63 cents per share, for the quarter that ended June 30, up 34 percent from $79.5 million, or 48 cents per share, a year earlier.

The latest quarter’s results included a tax gain of 6 cents per share related to discontinued operations. Excluding the gain and expenses related to the Travel Channel, in which Scripps Networks acquired a controlling interest last December, the company earned 59 cents per share.

Revenue jumped 32 percent to $516 million from $391.3 million.

Analysts surveyed by Thomson Reuters on average expected a profit of 58 cents per share on revenue of $509 million.

Scripps said revenue from its Lifestyle unit grew 36 percent during the quarter to $475 million. Revenue from its other unit, Interactive Services, fell to $37.3 million from $40.8 million a year earlier.

Shares rose 45 cents to $45.20 in midday trading.