Scripps Networks Interactive Inc. (SNI), owners of the Food Network and HGTV television channels, Thursday said its first-quarter profit increased 14 percent as advertising and affiliate fee revenues recorded a double-digit growth. Earnings and revenues easily exceeded analysts' estimates, sending Scripps shares up over seven percent on the New York Stock Exchange.
Affiliate fees paid by cable operators advanced 16 percent to $166.4 million from last year, while advertising revenues rose 10 percent to $355.3 million.
Chief Executive Kenneth Lowe said, "The tremendous popularity of our lifestyle television networks, and the strong relationships we've forged with media consumers, advertisers and content distributors, drove our excellent first-quarter operating results."
Consolidated revenues for the first-quarter grew 11.3 percent to $535.3 million from $480.8 million last year. Analysts expected revenues of $519.44 million for the quarter.
Revenues at the company's main two channels, Food Network and HGTV rose 14 percent and 8.4 percent, respectively. All other channels also recorded revenue growth, except Great American Country were revenues declined 23 percent.
Knoxville, Tennessee-based Scripps' attributable net income improved to $114.9 million or $0.73 per share from $100.5 million or $0.59 per share last year. On average, 21 analysts polled by Thomson Reuters expected earnings of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.
SNI is currently trading at $54.63, up $3.91 or 7.82%, on a volume of 3.7 million shares, above the three-month average volume of about 1 million.
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