E.W. Scripps Earnings: Swings to a Profit, Topping Analysts’ Estimates
The E.W. Scripps Company (NYSE:SSP) climbed to a profit in the third quarter and beat Wall Street’s expectations in the process. E. W. Scripps is a media company with interests in national television networks, newspaper publishing, broadcast television, interactive media and licensing and syndication.
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The E.W. Scripps Company Earnings Cheat Sheet
Results: Reported a profit of $12 million (21 cents per diluted share) in the quarter. The E.W. Scripps Company had a net loss of $10.7 million or a loss 19 cents per share in the year-earlier quarter.
Revenue: Rose 30.8% to $219.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: The E.W. Scripps Company beat the mean analyst estimate of 9 cents per share. It beat the average revenue estimate of $202.2 million.
Quoting Management: “An aggressive realignment of our company over the past two years has positioned us to take advantage of improvements in our core television business, growth in digital audiences, and a huge surge in political advertising,” said Rich Boehne, Scripps president and CEO.
Revenue has now increased for three consecutive quarters. In the second quarter, revenue rose 18.5% to $216.9 million while the figure rose 14.8% in the first quarter from the year earlier.
The company beat estimates last quarter after being in line with expectations in the second quarter with net income of 10 cents per share.
Looking Forward: Expectations for the fourth quarter have not changed from 54 cents. The average estimate for the fiscal year has remained at 65 cents per share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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