The lifestyle oriented cable TV networks company reported across-the-board increases in Q3 revenues for its channels. Net income came in at $156.8M, +20.6% vs the period last year, on revenues of $566.2M, +12.4%. The revenue figure was slightly ahead of the $555.7M that analysts forecast. Earnings per share for continuing operations, at 79 cents, topped expectations for 74 cents. Company watchers may be surprised to see the 10% increase in ad sales to $377M — that’s about $5M more than many analysts anticipated. Just as interesting is the 18% jump in affiliate fees, to $175M. Food Network fed the coffers with $198.9M in revenue, +10.5% while HGTV was +8.1% to $195.4M. And all of the smaller channels delivered double-digit increases in revenues including Travel Channel’s $68.9M (+10.1%), DIY Network’s $29.9M (+26.0%)m Cooking Channel’s $21.6M (+30.5M), and GAC’s $6.9M (+14.5%). “We’ve established ourselves as clear leaders in our ability to influence consumer purchasing decisions in the home, food and travel categories,” CEO Kenneth Lowe says. “And in the process we’ve created tremendous value for our shareholders.”
Scripps Networks Tops Q3 Forecasts With Help From Growing Affiliate Fees
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