Profits at publisher-broadcaster E.W. Scripps surged more than 30% last quarter as cable nets like Food Network and Home & Garden Television boomed and political ads boosted TV station revenue.
Earnings rose to $70 million in the quarter from $53 million the year before. The higher figure also includes a one-time gain of $9.5 million.
Total revenue rose 15% to $514 million.
Earnings at Scripps Networks jumped 50% to $62 million on a 36% revenue jump to $159 million. Ad revenue grew by 31% and affiliate fees by 53%. The Cincinnati group’s other nets include DIY — Do It Yourself Network and Fine Living.
Broadcast TV profits rose 10% to $17.2 million, and revenue was up 7.8% to $76 million. Political ads brought in $4.2 million in the first three months of the year — more than expected, the company said.
Newspaper profits fell 6.8% to $59 million. Revenue rose 3.4% to $179 million.
Scripps runs 10 TV stations, including six ABC affiliates, and 21 daily newspapers.
Shares bounced higher on the upbeat numbers, rising 2.33% to $105.57.