Scripps Networks Interactive reported higher profits in the third quarter.
Net income rose 8.7% to $170.5 million, or 87 cents a share, from $118.4 million, or 78 cents, a year ago. Revenues rose 9% to $617 million, as sd revenue was up 8.7% to $410 million and affiliate fee revenue gained 9% to $191 million.
“Scripps Networks Interactive delivered another strong quarter of growth during the third quarter, driven by the tremendous popularity of our lifestyle television networks,” Ken. Lowe, chairman, president and CEO, said in a statement. “We’ve created a valuable portfolio of lifestyle networks — as well as industry-leading websites and apps — that attract a highly engaged and upscale audience of food, home and travel enthusiasts.”
Profits at Scripps Networks’ Lifestyle Media segment rose 6.7% to $291 million.
Revenues rose 7.8% to $595 million. On-air TV advertising revenue increase 9.2%, which digital advertising decreased, leaving total ad revenue up7.5% at $403 million. The decrease in digital advertising was due in part to a planned organizational restructuring to better align digital sales with technology platforms and lifestyle categories, the company said.
Operating revenues were up just 1.8% to $202.4 million at Food Network, but most of the company’s other cable networks showed bigger gains. Revenues rose 12.1% to $219.1 million at HGTV, grew 12.2% to $77.3 million at Travel Channel, advanced 13.8% to $34 million at DIY Networks and improved 23.3% to $26.7 million at Cooking Channel. Operating revenues fell 5.5% to $6.6 million at Great American Country. The company’s digital businesses were down 6.5% to $25.9 million.
For the quarter, the company repurchased 46,000 shares under its stock repurchase program, for an aggregate purchase price of $3.1 million. As of Sept. 30, the company had $647 million remaining in its $1 billion stock repurchase authorization.