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Scripps Networks (SNI) 4Q Earnings Jump 93.3 Pct, Yet Miss Estimates

 February 07, 2013 07:53 AM


(By Balaseshan) Scripps Networks Interactive Inc. (NYSE: SNI) reported a 93.3% jump in quarterly earnings on strong advertising and affiliate fee revenues. However, results missed Street's expectations.

Earnings from continuing operations for the fourth quarter were $344.47 million or $2.03 per share, up from $178.24 million or $0.85 per share last year. Excluding items, earnings per share (EPS) from continuing operations rose to $0.84 from $0.77.

Operating revenue increased 9.2% to $604.67 million, on strong advertising and affiliate fee revenues.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.92 per share on revenue of $613.93 million for the fourth quarter.

[Related -Amazon (AMZN), Scripps Networks (SNI) In Content Licensing Deal]

Advertising revenue rose 4.3% to $409.41 million, while affiliate fee revenue grew 14.8% to $166.93 million. Other revenue fell 13.9% to $8.52 million.

Expenses rose 14%, driven primarily by higher employee costs and investments in planned domestic and international growth initiatives. Also contributing to the increase was higher programming amortization and marketing expenses to drive viewership at all of the company's lifestyle television networks.

Total segment profit increased 3.3% to $266 million. Operating income fell 6.1% to $218.93 million.

Looking ahead into the fiscal 2013, the company expects total revenue growth of 7% to 9%, while Street predicts 7.50% growth. Cost of services are anticipated to increase 12% to 14%, while Selling, general and administrative expenses are projected to rise 7% to 9%. Capital expenditures are predicted to be $65 million to $70 million.

[Related -Stocks Decline After Draghi Comments, Data; Akamai (AKAM) Drops]

SNI closed Wednesday's regular session up 0.91% at $62.26. The stock has been trading between $41.91 and $66.33 for the past 52 weeks.

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