Scripps forecasts underwhelm
February 16, 2015
Europe was a little pre-occupied last week what with the Sky Premier League news, Liberty’s numbers and plenty of other more local headlines, and in the process some may have missed the February 12th financials from Scripps Networks Interactive (SNI). In the past Scripps has enjoyed ratings and financial success helped by strong international growth and acquisitions.
However, February 12th numbers disappointed the market, and issued 2015 guidance that was significantly below the market’s anticipated 6 per cent growth, and is now just 4 percent. Not helping was a very poor performance in its home US market (ad-revenues down 3 per cent at Food Network, Travel 15 per cent down, Great American Country down 11 per cent and Cooking down 3 per cent).
International (and Corporate) revenues were also off, at $27 million lower than expected (and while the market expected significant growth).
After a pretty volatile couple of days trading, Scripps’ share price was off about $1.50 at $72.50.