Analysts wrong again — Scripps Networks 1Q revenues, profit up

Scripps Networks Interactive Inc. reported Thursday a first quarter profit of $115 million, or 73 cents per diluted share, compared to net income of $101 million, or 59 cents per share a year ago.

Revenues for the quarter increased 11 percent to $535 million.

The news boosted Scripps shares to a new 52-week high, up more than 5 percent to $53.38 in morning trading.

The Knoxville-based lifestyle media company easily beat analyst expectations on both the top and bottom lines. Analysts expected a dip in revenue and earnings of about 60 cents per share.

“The tremendous popularity of our lifestyle television networks, and the strong relationships we’ve forged with media consumers, advertisers and content distributors, drove our excellent first-quarter operating results,” Ken Lowe Scripps top executive, said in a statement. “The competitive advantage we’ve established for ourselves in the home, food and travel content categories underpins the company’s continued growth and the value we’re creating for our shareholders.”

Here’s a break down of revenues by network:

Food Network was $199 million, up 14 percent.

HGTV was $186 million, up 8.4 percent.

Travel Channel was $66.6 million, up 7.4 percent.

DIY Network was $27.6 million, up 18 percent.

Cooking Channel was $19.8 million, up 30 percent.

Great American Country (GAC) was $5.0 million, down 23 percent.