Scripps Networks 2Q profit drops roughly 4 percent

Scripps Networks 2Q profit falls roughly 4 percent, tops estimate

Associated Press

KNOXVILLE, Tenn. (AP) -- Scripps Networks Interactive Inc. (SNI) on Thursday reported earnings that declined by almost 4 percent in its second quarter, and beat analysts' expectations.

The Knoxville, Tennessee-based company said net income fell to $153.8 million, or $1.07 per share, from $159.7 million, or $1.08 per share, in the same quarter a year ago.

Earnings, adjusted for non-recurring costs, were $1.14 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share.

The owner of cable channels HGTV, Food Network and Travel Channel said revenue rose 6.5 percent to $708.1 million from $665.1 million in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $710.3 million, according to Zacks.

Scripps Networks shares dropped $4.09, or 5 percent, to $77.99 in late morning trading. The stock is down nearly 10 percent this year.

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