Scripps profits jump up 93% to $344 mil

Total revenue rises 9.2% to $605 million

Food Network and Travel Channel parent Scripps Networks Interactive saw profits jump last quarter, in part on favorable tax adjustments, as ad sales rose 5% and affiliate fees grew 18%.

Costs were up 14% on planned growth at home and abroad, and higher programming expenses.

Net income shot up 93% to $344 million. Total revenue rose 9.2% to $605 million. But the numbers fell shy of Wall Street expectations, knocking the stock, which tends to be a media favorite. It was off 5% at $59 in early trading.

In a conference call Thursday, CEO Kenneth Lowe reminded investors that the company’s had 18 years of growth, which continued last quarter and into this year. Scripps’ segment profit hit $1 billion for the first time for full-year 2012.

Food Network revenue rose 5.2% for the three months ended in December to $214 million. HGTV was up 5.1% at $200 million and Travel Channel grew sales by 5.9% to $71 million.

DIY Network revenue rose 12.9% to $30.4 million and Cooking Channel jumped 38% to $25 million. GAC rose 16% to $7.8 million.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety