UPDATE: Scripps Networks Interactive Q2 Profit Beats Estimates

Scripps Networks Interactive (NYSE: SNI) reported better-than-expected second-quarter earnings.The Knoxville, Tennessee-based company posted a quarterly profit of $153.8 million, or $1.07 per share, versus a year-ago profit of $159.7 million, or $1.08 per share. Excluding special items, its earnings climbed to $1.14 per share, versus $1.08 per share. Its revenue surged 6.5% to $708.1 million. However, analysts were expecting earnings of $1.13 per share on revenue of $710 million. Lifestyle media revenue gained 6.1% to $685 million in the quarter. Advertising revenue for the lifestyle media segment climbed 6.5% to $486 million, while affiliate fee revenue jumped 4.1% to $188 million. Corporate and other revenue gained 26% to $25 million.Scripps Networks repurchased 4.0 million shares for an aggregate purchase price of $300 million during the quarter.“The company delivered another solid quarter validating the strength of our lifestyle brands and the quality of viewers they attract both domestically and internationally,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive.Scripps Networks Interactive shares closed at $82.08 yesterday.