Scripps Networks Interactive Posts 10 Percent Hike in Quarterly Revenue
The Food Network, DIY Network and the Cooking Channel post double-digit gains.
Growth in advertising and affiliate fees powered Scripps Networks Interactive to a 10 percent revenue gain to $553 million in the fourth quarter and a 15 percent rise in net income to $178 million.
The company's Food Network raked in the most revenue, up 15 percent to $204 million. HGTV was next, up 8 percent to $191 million, followed by the Travel Channel (down 1 percent to $67 million), DIY Network (up 18 percent to $27 million), the Cooking Channel (up 14 percent to $18 million) and Great American Country (down 15 percent to $7 million).
Revenue at the company's digital businesses rose 4 percent to $30 million.
Advertising revenue rose 11 percent to $394 million while affiliate-fee revenue was 6 percent to $147 million.
Scripps disclosed its earnings Thursday prior to Wall Street's opening bell and the shares fell 1 percent to $43.82.