CINCINNATI — E.W. Scripps Co., publisher of The Rocky Mountain News, said Thursday that its first-quarter profit rose 23 percent from the same period a year ago.
The media company beat Wall Street forecasts, citing higher ratings and ad sales at its cable channels HGTV and Food Network. But it also suggested second-quarter results could fall short of analyst estimates.
Net earnings rose to $84.1 million, or 51 cents a share, during the quarter from $68.5 million, or 42 cents a share, a year ago.
Scripps’ share of earnings from a joint-operating agreement that oversees business operations at The News and The Denver Post were $6.9 million during the first quarter. That compares with a $1.9 million loss during the same period a year earlier. That number includes a one-time gain of $4.4 million from the sale of the old Denver Post printing plant.
