Scripps Networks Interactive, which restructured last year, reported a big jump in earnings despite a small gain in advertising revenue.
Net income rose 26% to $193.7 million, or $1.49 a share, from $153.8 million, or $1.07 per share, a year ago.
Revenue rose 3.4% to $732.1 million. Ad revenue rose 1.2% to $502.9 million, and affiliate fee revenue was up 8.7% to $215.2 million.
“These results validate the continued strength of our brands, fortified by the close relationships we’ve forged with millions of engaged, upscale consumers, and the advertisers and distributors that want to reach them,” CEO Ken Lowe said in a statement. “We’re confident we can extend that influence as we continue to grow internationally, reach new audiences who seek out our valued content on a variety of delivery platforms, and build long-term shareholder value.”
The company updated its guidance for 2015, saying that it expects revenue to increase by about 12% and cost of services to increase about 24%.
Scripps's lifestyle media segment — which includes HGTV, Food Network, Travel Channel and other cable networks and websites — had a profit of $392.2 million, up 9.4%. Overall revenue for the segment up 3.2% to $710 million, while ad revenue was up 1.4% to $496.9 million. The company attributed slight growth to softness in the advertising market and audience delivery at some networks.
Read more at broadcastingcable.com.