Food Network Parent Reports 19% Profit

Scripps Networks Interactive had a strong first quarter, posting a 19% year-over-year profit gain thanks to increased advertising and affiliate revenue at its flagship Food Network and HGTV cablers.

Net income climbed to $128.2 million, on an 8.3% revenue gain to $643.7 million. Profit was offset by a 41% spike in corporate expenses, which SNI credited to the cost of acquiring the Asian Food Network offshoot and the launch of the uLive  Internet video platform.

SNI easily beat analysts expectations with earnings coming in at 87 cents a share, compared to forecasts of about 82 cents a share, according to Marketwatch.

SNI had been under scrutiny for ratings dips at Food Network, which has been seeing signs of a turnaround with the success of new primetime entries such as “Guy’s Grocery Games,” “Beat Bobby Flay” (pictured) and “Cutthroat Kitchen.”

Advertising revenue at its cablers 8.9% to $426 million. Affiliate revenue was up 6.3% to $190 million.

“We continue to balance investment in our brands by developing compelling content that engages millions of media consumers across a range of platforms and geographies,” said SNI chief Kenneth Lowe. “This has established Scripps Networks Interactive as the leader in influencing consumer purchasing decisions in the home, food and travel categories.”

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