Scripps Networks Reports Higher Q3 EarningsProgrammer Stock Dips On Ad Revenue Disappointment 11/07/2013 11:07 AM Eastern
Scripps Networks Interactive reported higher profits in the third quarter, but the company's stock took a beating because of concerns about a weak performance by Food Network.
Overall, the stocks of most programmers were lower Thursday afternoon, with Scripps Networks and AMC down more than 5%. 21st Century Fox, Time Warner and Viacom were down more than 3%.
For Scripps Networks, net income rose 8.7% to $170.5 million, or 87 cents a share, from $118.4 million, or 78 cents, a year ago.
Revenues rose 9% to $617 million. Ad revenue was up 8.7% to $410 million and affiliate fee revenue gained 9% to $191 million.
Expenses were up 13% to $355 million. The company said the increases came from efforts to drive viewership at all of its lifestyle television networks and increased investments in international and digital growth initiatives.
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