E.W. Scripps Earnings Cheat Sheet: Loss Widens on Weaker Newspaper Advertising
The E.W. Scripps Company (NASDAQ:SSP) reported its results for the first quarter. The E. W. Scripps Company is a media concern company with interests in national television networks, newspaper publishing, broadcast television, interactive media and licensing and syndication. Exclusive: Media Legend Larry Kramer Says Media Business is in a Gutenberg Moment>>
The E.W. Scripps Company Earnings Cheat Sheet for the First Quarter
Results: Loss widened to $8.9 million (15 cents/diluted share) from $880,000 (loss of 2 cents/share) in the same quarter a year earlier.
Revenue: Fell 2% to $180.4 million YoY.
Actual vs. Wall St. Expectations: SSP fell short of the mean analyst estimate of a loss of 7 cents/share. Estimates ranged from a loss of 5 cents per share to a loss of 8 cents per share.
Quoting Management: “Our first quarter results were largely as projected, with the exception being the weaker-than-anticipated newspaper advertising that affected the entire industry,” said Rich Boehne, president and CEO. “Television, despite a number of headwinds, reported one of the best revenue increases in the industry, leading us to believe audiences are responding to our commitment to strengthen our news organizations in the communities we serve. “Expenses in both divisions rose as expected, and we continue to move ahead with the latter phases of a broad reorganization of newspaper operations and an aggressive plan to increase the quantity and quality of local news content in the television division.”
Key Stats: SSP’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $25.6 million in the fourth quarter of the last fiscal year, a profit of $6.2 million in the third quarter of the last fiscal year and $99.5 million in the second of the last fiscal year.
Competitors to Watch: Gannett Co., Inc. (NYSE:GCI), News Corporation (NASDAQ:NWSA), Lee Enterprises, Inc. (NYSE:LEE), Journal Communications, Inc. (NYSE:JRN), The New York Times Company (NYSE:NYT), The McClatchy Company (NYSE:MNI), Media General, Inc. (NYSE:MEG), The Walt Disney Company (NYSE:DIS), AOL (NYSE:AOL), Interactive Corp (NASDAQ:IACI), Pearson (NYSE:PSO), News Corp (NASDAQ:NWSA), McGraw-Hill (NYSE:MHP) and A. H. Belo Corporation (NYSE:AHC)
Stock Performance: Shares of SSP are unchanged from the previous close of $9.34.