Scripps Networks Reports Higher Q3 Earnings

Programmer Stock Dips On Ad Revenue Disappointment

Scripps Networks Interactive reported higher profits in the third quarter, but the company's stock took a beating because of concerns about a weak performance by Food Network. 

Overall, the stocks of most programmers were lower Thursday afternoon, with Scripps Networks and AMC down more than 5%. 21st Century Fox, Time Warner and Viacom were down more than 3%.

For Scripps Networks, 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. Ad revenue was up 8.7% to $410 million and affiliate fee revenue gained 9% to $191 million.

Expenses were up 13% to $355 million. The company said the increases came from efforts to drive viewership at all of its lifestyle television networks and increased investments in international and digital growth initiatives.

Read more at B&Chere.