Investors have been warming to the lifestyle cable channel company. And if Scripps can assure them that programming costs are under control, it likely helped itself this morning. It projected that total year revenues could rise as much as 12% due to better-than-expected ad sales — and reported better-than-expected Q2 results. Net income of $191.4M is +57.1% vs the period last year, on revenues of $601M, +12.5%. Revenues came in ahead of the Street’s expectation of $592.8M. And earnings of 93 cents a share beat forecasts for 87 cents. The Food Network stood out with revenues +16.5% to $218.5M. The next biggest channel, HGTV, was +8.4% to $205M. But GAC remains a problem. It was -15.4% to $5M, even though it expanded its reach by 4% to 62.6M pay TV homes. Overall, though, CEO Kenneth Lowe says that Scripps’ channels “attract a highly qualified and upscale audience that our advertising partners value. 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.”
By DAVID LIEBERMAN, Executive Editor | Thursday August 2, 2012 @ 7:47am EDTTags: Scripps Networks Interactive
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