KNOXVILLE, Tenn. (AP) -- Food Network and Travel Channel operator Scripps Networks Interactive Inc. said Thursday that its fourth-quarter net income rose 3 percent as advertising revenue increased.
The company earned $135 million, or 84 cents per share, in the last three months of 2011, up from $130.6 million, or 77 cents per share, in the same period a year earlier.
Revenue grew 9.5 percent to $553.5 million from $505.3 million.
Analysts were expecting earnings of 82 cents per share on revenue of $561.5 million, on average, according to a FactSet poll.
Advertising revenue increased 11 percent to $394 million. Affiliate fee revenue — the money the company gets from pay-TV distributors — rose 6 percent to $147 million.
Scripps said revenue at Food Network grew 15 percent to $204 million, while revenue at HGTV increased 8 percent to $191 million. Travel Channel revenue slipped 1 percent to $67.2 million.
For the full year, the Knoxville, Tenn., company earned $411.6 million, or $2.49 per share, compared with earnings of $411 million, or $2.45 per share, in 2010.
Revenue jumped 10 percent to $2.07 billion from $1.88 billion.
The company said it expects 2012 revenue to grow by 8 percent to 10 percent. Analysts are forecasting revenue of $2.26 billion, an increase of 9 percent from 2011.
Shares fell 42 cents, or 1 percent, to $43.99 in late morning trading. The stock has traded in a 52-week range of $33.82 to $53.66.
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