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Food Network, HGTV boosts Scripps Networks 3rd-quarter profit
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CINCINNATI - Scripps Networks Interactive Inc. said Friday its third-quarter profit climbed 37 percent, boosted by strong revenue at its Food Network and HGTV networks.
The company had delayed its earnings by a day after announcing Thursday it is acquiring a majority stake in the Travel Channel in a joint venture with Cox Communications Inc.
Scripps said Friday its net income totaled $65.3 million, or 39 cents per share, up from a profit of $57.3 million, or 35 cents per share, in the same period a year earlier.
Revenue was nearly flat at $364.5 million.
Analysts, on average, were expecting a profit of 36 cents per share on sales of $365.6 million.
The company said the quarter's results "reflect strong affiliate fee revenue growth and improved advertising sales" at its flagship cable TV networks, Food Network and HGTV.
Shares added 3 cents to $39.26 in morning trading.
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