Scripps Networks Quarterly Earnings Exceed Expectations
The company behind such cable networks as HGTV, the Travel Channel and the Food Network is led by CEO Kenneth Lowe.
The company reported earnings of $124 million, or 94 cents per share, compared with $128 million in the year-ago period. Wall Street analysts had forecast a profit of 92 cents per share. Excluding costs for a planned acquisition in Poland and restructuring charges, Scripps said its earnings would have reached $133 million.
Revenue rose 2.3 percent to $658 million. The company said advertising revenue was up "marginally," while affiliate fee revenue rose 4.1 percent.
"As consumers take increasing advantage of the growing number of ways to enjoy video content, powerful brands that resonate with people across multiple platforms and devices become ever more important," said CEO Kenneth Lowe.
He added: "Upscale consumers have built deep and enduring relationships with our brands in the United States and, increasingly, in international markets. By leveraging that relationship, and by broadening our engagement and reach, we are building consistent long-term value for advertisers, distribution platforms, viewers and shareholders."