Earnings: Scripps Q2 Profit Rises 37 Percent; Interactive Media Unit Down 9.2 Percent

Scripps (NYSE: SSP) said its net income gained 37 percent in Q2, growing to $97.5 million, or 59 cents per share, in Q2, compared with $71.1 million, or 43 cents per share, last year. Meanwhile, revenue dipped .3 percent to $640 million from $642 million in Q206. Other Q2 highlights included:

— Online revenue at Scripps Networks, which includes the TV and interactive brands HGTV, Food Network, DIY Network, among others, grew 26 percent to $19.4 million. That unit, which accounts for 48 percent of the company’s Q2 revenue, was held back slightly due to falling day-time TV ratings and corresponding ad sales for HGTV and Food Network.

— At Scripps’ newspapers, total revenue was $166 million vs. $182 million for the same period a year ago (a decrease of 8.8 percent), while profit fell 39.7 percent to $33.2 million from $55.1 million last year. Newspaper online revenue increased 25 percent year over year to $10.7 million.

— Scripps Interactive Media, which includes comparison shopping sites Shopzilla and uSwitch, revenue decreased 9.2 percent to $59 million compared with $65 million last year. Segment profit for the interactive media division was down 58.8 percent to $6.8 million from $16.5 million in Q206. The decline in interactive media revenue was pinned on “reduced online energy switching activity at uSwitch” and lower referral fee revenue at Shopzilla. The division’s profit also was affected by expenses related to further development at both sites. Earnings release | Webcast (10 a.m. EST)

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