Scripps Networks Interactive’s fourth-quarter results were highlighted by operating revenues rising 7.6% to $956 million and net income up 26.5% to $66 million.
During the quarter, the company saw its advertising revenue rise 5.7% to $678 million and its distribution revenues rise 10.5% to $244 million. Those higher operating revenues, along with higher foreign currency transaction gains and lower interest expense, helped drive up Scripps’ income during the quarter.
“We invested in our core business as well as our fast-growing digital offerings, allowing us to capitalize on the popularity of our powerful lifestyle brands across the globe. And, of course, we announced our merger with Discovery Communications, creating an unmatched opportunity to deliver our real-life content to a greater number of audiences,” said Scripps Chairman and CEO Kenneth Lowe in a statement. “We have great momentum as we head into 2018. Our incredible teams remain intently focused on doing what we do best: creating great lifestyle content that connects with audiences through ideas, information and inspiration. We are excited about the prospects for the combination with Discovery and are diligently working toward finalizing the transaction to bring these two great companies together.”
Overall revenues for Scripps’ U.S. networks segment totaled $758.7 million, up 3.8% year over year. While domestic advertising revenue held mostly flat, up 1.3% to $530 million, domestic distribution revenues jumped 10.5% to about $213 million, due in part to annual rate increases. Operating income for the segment rose 4.9% to $323 million.
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International networks revenues rose 23.2% to about $204 million, thanks to positive foreign currency effects and higher operating revenues. Income for the segment swung to $56.6 million after a $31 million loss during the year-ago quarter. The improvement was due to high operating revenues and a decrease in goodwill and asset write-downs.