Scripps Networks Interactive (SNI) has reported a 3.4% increase in second quarter earnings driven by a 9.9% jump in consolidated revenues.
The company – which operates HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country – posted earnings of US$193.7 million, an increase of $39.9 million from the prior-year period’s accumulation of $153.8 million.
The cable giant’s U.S. networks quarterly revenue swelled 3.4% to $732.1 million due in part to SNI’s revenues in advertising, which sprouted to $502.9 million – up $5.9 million, or 1.2% – and affiliate fee incomes, which climbed to $215.2 million – up $17.2 million, or 8.7% – year over year.
HGTV also marked its second-best quarter throughout its 20-year history following 13 successive months of ratings growth, according to Scripps. Both HGTV and Food Network ended the quarter in the “top 10 among all ad-supported cable nets in the key adult and women 25-54 demos,” the company said in a statement.
Elsewhere, DIY Network, Cooking Channel and Great American Country also reached near-record highs in ratings, with SNI also bolstering its reach into the international market through launches in Europe, Asia-Pacific and Latin America.
Meanwhile, costs of services and selling, general and administrative expenses fell 3.9% to $373.6 million from the year-ago period due to a restructuring program implemented in the final quarter of 2014.
The three-month earnings report – which closed June 30 – does not take into account the company’s 52.7% ownership acquisition of Polish media company TVN on July 2.
“These results validate the continued strength of our brands, fortified by the close relationships we’ve forged with millions of engaged, upscale consumers, and the advertisers and distributors that want to reach them,” said Kenneth Lowe, Scripps Networks Interactive chairman, president and CEO, in a statement. “We’re confident we can extend that influence as we continue to grow internationally, reach new audiences who seek out our valued content on a variety of delivery platforms, and build long-term shareholder value.”