Scripps Networks Interactive reported strong profit growth driven by its international expansion and cost reductions from last year’s restructuring.
Net income rose 25% in the quarter to $164.7 million, or $1.27 per share, from $131.8 million, or 96 cents a share, a year ago.
The results came in above Wall Street expectations.
For the full year, net income rose 21.5% and revenue increased 13.2%.
Scripps’ U.S. Networks, which include HGTV, Food Network and Travel Channel, recorded a 1.1% increase in segment profit to $309 million during the fourth quarter. Revenue at the U.S. networks was up 8% to $701.8 million. Ad revenue was up 7.8% to $478.4 million. Affiliate fee revenue rose 4.6% to $199.6 million.
Read more at broadcastingcable.com.