Following last year’s restructuring, Scripps Networks Interactive posted a big increase in earnings for the second quarter, B&C reports. The surge came despite a modest rise in ad revenues, with HGTV playing a key role in the improved financial picture.
“Net income rose 26% to $193.7 million, or $1.49 a share, from $153.8 million, or $1.07 per share, a year ago,” B&C reports. “Revenues rose 3.4% to $732.1 million. Ad revenue rose 1.2% to $502.9 million and affiliate fee revenue was up 8.7% to $215.2 million.”
The company’s lifestyle media outlets include HGTV, Food Network and Travel Channel. “Operating revenue for HGTV was up 7.4% to $271.8 million in the quarter, but down 2.5% to $228.1 million at Food Network,” B&C reports. “Travel Channel’s operating revenues dropped 4.4% to $81.7 million, but were up 10.2% to $48 million at DIY. Cooking Channel operating revenues climbed 8.6% to $35.1 million and Great American Country increased 3.4% to $8.1 million.”
In a statement, CEO Ken Lowe said: “These results validate the continued strength of our brands, fortified by the close relationships we’ve forged with millions of engaged, upscale consumers, and the advertisers and distributors that want to reach them. We’re confident we can extend that influence as we continue to grow internationally, reach new audiences who seek out our valued content on a variety of delivery platforms, and build long-term shareholder value.”