Scripps sees 26% earnings uptick
| 05 August 2015
Scripps Networks Interactive saw a healthy 26% spike in earnings for the second quarter.
Scripps, the media company owner of HGTV, Food Network, Travel Channel, Great American Country, DIY Network and other cable channels, saw both higher ad revenue and higher carriage fees paid by cable providers during the time period. Advertising revenue grew 1.4% to $496.9 million. Affiliate fees, which are paid by cable providers and other distributors, improved 8.5% to $203.4 million.
Scripps has also been working on expanding its overseas footprint, launching HGTV in Asia and Food Network in Brazil, and recently acquiring a controlling stake in Polish TV operator TVN.
Scripps reported a profit of $193.7 million, or $1.49 a share, up from $153.8 million, or $1.07 a share, in the year-ago quarter. Excluding items such restructuring charges and acquisition-related impacts, per-share earnings rose to $1.47 from $1.14. Revenue increased 3.4% to $732.1 million.