Scripps Networks Second-Quarter Financials Improve
UPDATED: The operator of such cable networks as HGTV and Food Network raises its full-year expectations and says it exceeded $1 billion in upfront ad revenue for the first time.
Scripps Networks Interactive on Thursday reported improved second-quarter financials and raised its forecast for full-year revenue growth.
And it said it has concluded its upfront sales negotiations at record levels, surpassing $1 billion for the first time.
Revenue for all of 2012 could rise 12 percent amid better-than-expected advertising sales, the cable network company said.
For the second quarter, Scripps posted a $191.4 million profit, up 57 percent over the year-ago period, on a 12.5 percent revenue gain to $601 million. The figures exceeded average Wall Street expectations.
Scripps owns such lifestyle channels as Food Network and HGTV.
"The company’s strong second quarter financial performance is a direct result of our successful strategy to differentiate our networks by focusing on avid consumer interest in their homes, food and travel," CEO Kenneth Lowe said. "We set a company record this year for advance advertising sales and reached an important distribution agreement that will make our content easily and widely accessible to millions of consumers on tablets and other mobile platforms.”