Scripps Networks Sees Strong 2Q


Based on early indications from the upfront, Scripps Networks is expecting its ad revenue to jump 10%-14% in the second quarter, officials said Monday.

Parent E.W. Scripps reported second-quarter income from continuing operations of $105 million, or 64 cents per share, compared with $103 million (62 cents) during the year-ago period.

Scripps Networks -- which includes Home & Garden Television, Food Network, Fine Living, DIY and Great American Country -- saw its ad revenue increase 15% during the quarter, to $233 million. Affiliate-fee revenue rose 24% to $49.2 million.

The cable unit’s profit was up 22% from the prior-year period, to $150 million.

“The company is in the process of negotiating advertising commitments in the upfront marketplace,” E.W. Scripps also said in a press release. “Based on early indications and the momentum in ratings and viewership at HGTV and Food Network, Scripps Networks’ advertising revenue is expected to be up 10%-14% in the fourth quarter.”

E.W. Scripps recorded an after-tax loss from continued operations of $33.7 million stemming from its sale of Shop at Home. It sold the home shopping network to Jewelry Television for $17 million in cash in June.