By: (AP) E.W. Scripps Co.'s profit jumped 48% in the third quarter, the media company reported Friday, driven by strength in its television networks and Shopzilla.com, the comparison shopping Web site it acquired in June.
The newspaper publisher and cable network owner earned $82.2 million, or 50 cents per share, compared with $55.6 million, or 34 cents per share, in the prior-year period. Revenue rose 19% to $594.7 million from $499.8 million a year ago.
The quarter's results were aided by a $40.8 million cash payment resulting from Scripps' decision to discontinue publishing an afternoon daily in Birmingham, Alabama, which bolstered earnings by 15 cents per share. The consolidation of production operations in Denver reduced earnings by 3 cents per share.
Wall Street's mean estimate was 37 cents per share, the average view of 13 analysts surveyed by Thomson Financial, on projected sales of $592.1 million.
Advertising revenue at Scripps Networks, which includes the HGTV, Food Network and DIY Network cable channels, jumped 27% to $163 million.
Shopzilla posted a segment profit of $7.3 million on $35.2 million in revenue. In the prior-year period, the Web site posted a segment profit of $1.2 million on $15.9 million in revenue.
For the current fourth quarter, Scripps forecast earnings from continuing operations between 52 cents and 56 cents per share, including the effects of the Denver consolidation.
In the prior-year period, Scripps reported earnings from continuing operations of 54 cents per share. Analysts' consensus for the current quarter is currently 59 cents per share.
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