Scripps Networks Interactive said its second-quarter profit rose a little more than 25% as it reduced corporate costs and was able to secure small increases in revenue from its distributors and advertisers.
The Knoxville, Tenn., owner of Food Network and HGTV said net income came to $193.7 million, or $1.49 a share, compared with $153.8 million, or $1.07 a share in the year-earlier period. Adjusted for one-time gains, earnings per share in the current quarter would have totaled $1.47 a share.
Revenue totaled $732.1 million in the period, compared with $708.1 million in the year-earlier quarter, marking a rise of 3.4%, the company said. Total ad revenue from the company’s media properties rose 1.4%, owing to what Scripps said was a soft market as well as ratings issues at some of its cable networks. Affiliate fees rose 8.5%, due to contractually mandated hikes.
At the company’s biggest properties, revenue rose 10.2% at HGTV but fell 4.2% at Food Network and 4.1% at Travel Channel