KNOXVILLE, Tennessee — Strong ratings at HGTV and a rise in revenue from the home improvement network, provided a second-quarter boost for parent company Scripps Networks Interactive.
HGTV's ratings have grown for the past 13 months, the cable channel operator said Tuesday. In the second quarter, HGTV's revenue rose 10 percent from a year ago. Revenue rose 11 percent at DIY Network, 9 percent at Cooking Channel and 3 percent at Great American Country. Food Network and Travel Channel both posted a 4 percent revenue drop.
Scripps reported second-quarter profit of $193.7 million, or $1.49 per share in the second quarter, compared with $153. 8 million, or $1.07 per share, a year ago.
Earnings, adjusted for non-recurring gains, were $1.47 per share, surpassing Wall Street's per-share expectations by 21 cents, according to a poll of analysts by Zacks Investment Research.
Revenue rose 3 percent to $732.1 million, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $729.4 million.
Shares of Scripps Networks Interactive Inc., based in Knoxville, Tennessee, rose $1.46, or 2.3 percent, to $64.05 in early trading Tuesday.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SNI at http://www.zacks.com/ap/SNI
Keywords: Scripps Networks, Earnings Report