You probably figured that this morning’s Q2 financial report wouldn’t mention the most attention-grabbing development in the period — Food Network’s decision to dump celebrity chef Paula Deen — right? Scripps Networks stuck instead with the numbers, which generally look pretty good. The company generated net income of $159.7M, +12.2% vs the period last year, on revenues of $665.1M, +10.7%. That revenue number topped the Street’s expectation for $656.3M. Earnings at $1.08 a share also beat forecasts for $1.05. The results emboldened Scripps to raise its revenue forecast for the year: It now projects an increase of as much as 10% vs 2012, up from its earlier prediction that went as high as 9%. The company’s lifestyle media channels saw ad sales rise 10% in Q2 to $456M, which it attributes to “the strong advertising market.” Fees from pay TV distributors rose 9.5% to $182M, including some revenue from streaming deals. Food Network was the laggard in the group, with revenues +2.8% to $224.5M, falling behind HGTV which was +13.1% to $231.7M. After that came Travel Channel (+13.7% to $83.9M), DIY Network (+14.6% to $38.7M), Cooking Channel (+27.7% to $28.6M), and GAC (+40.7% to $7.0M). “We’ve succeeded in creating a valuable portfolio of networks — as well as industry-leading websites and apps — that attract a highly engaged audience of food, home and travel enthusiasts,” CEO Kenneth Lowe says. “Those distinctly unique attributes drive our company’s consistently solid operating results.”
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