Station group Hearst-Argyle Television on Wednesday reported a 32 percent increase in second-quarter profit to $36 million, or 37 cents a share, compared with $27.3 million, or 29 cents a share, a year ago, as the company benefited from a recovering advertising sector and robust political advertising spending.

Revenue advanced 10 percent to nearly $198 million.

The results didn’t help Hearst-Argyle’s stock, which took a beating Wednesday. Shares were down more than 6 percent in midday trading to $23.12 in what Legg Mason analyst Sean Butson described as Wall Street’s reaction to results that, while matching Wall Street expectations, fell short of many investors’ loftier dreams.

The company said the gains in advertising were broad-based, with eight of the company’s top 10 advertising categories posting gains in the quarter, including automotive (up 12 percent), pharmaceuticals (up 33 percent), retail (up 7 percent) and financial services (up 4 percent).

Advertising revenue from the broadcast of the Summer Olympics next month is expected to garner 3 percent to 5 percent more than the 2000 Summer Olympics, and 20 percent more than the Winter Olympics in 2002.

Political revenue, meanwhile, hit $12 million in the quarter, vs. nearly $3 million last year and $8 million for the 2002 second quarter.

Hearst-Argyle Reports Surge in Profits: Station group Hearst-Argyle Television on Wednesday reported a 32 percent increase in second-quarter profit to $36 million, or 37 cents a share, compared with $27.3 million, or 29 cents a share, a year ago, as the company benefited from a recovering advertising sector and robust political advertising spending.

Revenue advanced 10 percent to nearly $198 million.

The results didn’t help Hearst-Argyle’s stock, which took a beating Wednesday. Shares were down more than 6 percent in midday trading to $23.12 in what Legg Mason analyst Sean Butson described as Wall Street’s reaction to results that, while matching Wall Street expectations, fell short of many investors’ loftier dreams.

The company said the gains in advertising were broad-based, with eight of the company’s top 10 advertising categories posting gains in the quarter, including automotive (up 12 percent), pharmaceuticals (up 33 percent), retail (up 7 percent) and financial services (up 4 percent).

Advertising revenue from the broadcast of the Summer Olympics next month is expected to garner 3 percent to 5 percent more than the 2000 Summer Olympics, and 20 percent more than the Winter Olympics in 2002.

Political revenue, meanwhile, hit $12 million in the quarter, vs. nearly $3 million last year and $8 million for the 2002 second quarter.