Scripps Networks Interactive Inc. Earnings: Beats Expectations
S&P 500 (NYSE:SPY) component Scripps Networks Interactive Inc. (NYSE:SNI) reported net income above Wall Street’s expectations for the first quarter. Scripps Networks Interactive is a media company operating as a lifestyle content and interactive services provider. The company engages in national television networks, such as Food Network, and Internet-based media outlets like Shopzilla.
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Scripps Networks Interactive Earnings Cheat Sheet for the First Quarter
Results: Net income for Scripps Networks Interactive Inc. rose to $114.9 million (73 cents per share) vs. $100.5 million (59 cents per share) in the same quarter a year earlier. This marks a rise of 14.3% from the year-earlier quarter.
Revenue: Fell 0.1% to $535.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Scripps Networks Interactive Inc. beat the mean analyst estimate of 60 cents per share. It beat the average revenue estimate of $519.2 million.
Quoting Management: “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,” said Kenneth W. Lowe, chairman, president and chief executive officer for Scripps Networks Interactive. “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.”
Revenue has fallen for the last three quarters in a row. In the fourth quarter of the last fiscal year, revenue declined 3.4% to $553.5 million while the figure fell 1% in the third quarter of the last fiscal year from the year earlier.
The company has beaten estiamtes for two quarters in a row. In the fourth quarter of the last fiscal year, it topped expectations with net income of 84 cents versus a mean estimate of net income of 81 cents per share.
For two consecutive quarters, the company’s net income has risen. In the fourth quarter of the last fiscal year, net income rose 3.4% from the year earlier.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 86 cents per share, down from 90 cents ninety days ago. At $3.16 per share, the average estimate for the fiscal year has fallen from $3.22 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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