Scripps Networks Interactive posted strong profits in the third quarter.
Net income rose 20.1% to $118.4 million, or 78 cents a share, in the third quarter, from $98.6 million, or 65 cents a share, a year ago.
Income from continuing operations rose to $0.78 per share, up 20%.
Revenues rose 12% to $566 million. Distribution revenues were up 14.7% to $168.4 million in the quarter.
Advertising revenues rose 10% to $377 million in a quarter that was largely expected to be fairly weak for programmers competing with the Olympics.
Among Scripps Networks channels, Food Network led the way wih $199 million in revenue, up 11%. At HGTV revenues rose 8.1% to $195 million, while Travel Channel grew 10% to $68.9 million. DIIY Network garnered $29.9 million in revenue, up 26%. Cooking Channel revenues advanced 31% to $21.6 million, while Great American Country posted a 15% increase to $6.9 million.
"Our positive third quarter results demonstrate in a powerful way the ubiquitous nature of our popular lifestyle brands," CEO Ken Lowe said in a statement. "Our networks and related businesses engage millions of media consumers every day, not just on television, but on smart phones, tablets, newsstands and in thousands of retail outlets across America. We've established ourselves as clear leaders in our ability to influence consumer purchasing decisions in the home, food and travel categories. And in the process, we've created tremendous value for our shareholders."
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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