Scripps Networks 1Q Net Up 39% As Ad Revenue Leads Top Line Higher

Date : 05/05/2011 @ 8:31AM
Source : Dow Jones News
Stock : Scripps Networks Interactive, (MM) (SNI)
Quote : 75.49  0.34 (0.45%) @ 4:01PM

Scripps Networks 1Q Net Up 39% As Ad Revenue Leads Top Line Higher

Scripps Networks Interactive, (NASDAQ:SNI)
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Scripps Networks Interactive Inc.'s (SNI) first-quarter profit jumped 39% as the top line beat expectations amid higher advertising revenue.

The owner of HGTV and Food Network has seen higher ad revenue bolster earnings lately.

Scripps has benefited from its December 2009 acquisition of a controlling stake in Travel Channel. Last week, it agreed to sell shopping-related website business Shopzilla, paring its interactive services segment's holdings.

Scripps posted a profit of $100.5 million, or 59 cents a share, up from $72.5 million, or 43 cents a share, a year earlier. Excluding items such as a noncontrolling interest adjustment and prior-year impacts related to Travel Channel integration, earnings rose to 62 cents from 50 cents. Revenue jumped 14% to $546 million.

Analysts polled by Thomson Reuters most recently forecast a profit of 59 cents on $523 million in revenue.

Operating margin surged to 38.7% from 30.6%.

Revenue at the lifestyle media segment, which includes the cable channels and accounts for the bulk of the total, rose 11% as affiliate fee revenue increased 6% and ad revenue was 12% higher.

The Food Network brand saw revenue climb 15% while HGTV revenue increased 6%.

Class A shares closed Wednesday at $51.02 and were inactive in recent premarket trading. Through the latest close, the stock is up 12% the past year.

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

 
 



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