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Scripps Networks posts sharply higher 2Q earnings
Scripps Networks reports higher 2nd-quarter earnings, revenue, helped by advertising growth
By The Associated Press

KNOXVILLE, Tenn. (AP) Scripps Networks Interactive Inc., the operator of pay TV networks such as Food Network and HGTV, said Thursday that its second-quarter net income grew 84 percent thanks to higher revenue from advertising and distributor fees.

The company earned $142.4 million, or 93 cents per share, in the April-June period. That's up from $77.4 million, or 78 cents per share, in the same period a year earlier.

Revenue grew 13 percent to $601 million from $534 million.

Analysts, on average, were expecting earnings of 87 cents per share on revenue of $590.8 million, according to a poll by FactSet.

Advertising revenue jumped 12 percent to $417 million, while distributor fee revenue increased 16 percent to $171 million.

Scripps expects 2012 revenue to grow by 10 percent to 12 percent. Analysts are expecting revenue of $2.29 billion, an increase of 11 percent from 2011.

Shares rose $2.63, or 4.9 percent, to $56.36 in afternoon trading. The stock has traded in the 52-week range of $33.82 to $57.75.

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