• by Wayne Friedman , July 30, 2010

Strong television advertising business almost doubled Belo Corp'.s second-quarter net profit. But even then, results came in a bit below analysts' expectations.

In midday trading, Belo's stock was down 5% to $6.21 a share. Belo grabbed a profit of $19.5 million, up from $10.3 million. Revenue climbed 13% to $163 million.

Belo said advertising could have been a bit better -- specifically because of the timing of political primaries, which resulted in more first-quarter political advertising, as opposed to the usual 2Q. Political revenue of $2.5 million in the second quarter of 2010 was up from $0.6 million from the the same period in 2009.

As with other TV station groups, Belo's resurgence came in the automotive category -- a 51% gain over the second quarter of 2009, which helped lift overall advertising results.

Belo Corp. chairman and CEO Dunia A. Shive said the company also had double-digit percentage increases in large categories such as grocery and food products, retail, health care, financial services and home improvement.

The strong second-quarter results -- TV advertising climbed 15% -- were followed up a double-digit percent increase in the first quarter. This was a sharp turnaround from the 23% decline in advertising revenues in the second quarter 2009.

Belo also said there was a 2Q gain improved on the 12% hike in advertising revenue in the first quarter of 2010 -- which included Olympics and Super Bowl revenue.