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Scripps Networks posts higher 3Q earnings
Thursday - 11/1/2012, 10:27am EDT
KNOXVILLE, Tenn. (AP) - Scripps Networks Interactive Inc., the operator of pay-TV networks such as Food Network and HGTV, said Thursday that its third-quarter net income grew 20 percent thanks to higher revenue from both advertising and distributor fees.
The company earned $118.4 million, or 78 cents per share, up 20 percent from $98.6 million, or 65 cents per share, in the same period a year ago.
Revenue grew 12 percent to $566.2 million from $503.7 million.
Analysts, on average, were expecting earnings of 74 cents per share on revenue of $555.6 million, according to a poll by FactSet.
Advertising revenue grew 10 percent from a year ago to $377 million and affiliate fee revenue jumped 18 percent to $175 million.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)