- E.W. Scripps (NASDAQ:SSP) is 4.7% lower after posting a beat in its Q3 earnings, seeing strong political advertising along with peers, and guided for continuing solid local media growth.
- The company swung to a profit of $19.1M from a year-ago loss of $26.7M.
- From Jan. 1 through this week's election, political advertising hit $140M (same-station gains of 86% from the 2014 midterm election year).
- Revenue gains were largely driven by the acquisition of the Katz networks (in Q4 of last year); their revenues came to $46.5M of a total $303M.
- Revenues by segment: Local Media, $230.7M (up 23.1%); National Media, $71.8M (up 474%); Other, $231,000 (down 53.8%).
- Profit by segment: Local Media, $67.4M (up 122%); National Media, $2.84M (vs. year-ago loss of $4.37M); Other, -$1.27M (vs. loss of $829,000).
- For Q4, it's guiding to local media gains of mid- to high 30% range, retransmission revenues consistent with Q3, and national media revenues in the low to mid-$70M range. Capex is forecast for mid-single digits.
- Previously: E.W. Scripps beats by $0.08, beats on revenue (Nov. 09 2018)
- Press release
- Now read: Daily Insider Ratings Round Up 9/20/18
Original article