E.W. Scripps Earnings: Revenues a Catalyst for Improving Loss
The E.W. Scripps Company (NYSE:SSP) reported its results for the first quarter. 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 for the First Quarter
Results: Loss narrowed to $4.4 million (loss of 8 cents per diluted share) from $8.9 million (loss of 15 cents per share) in the same quarter a year earlier.
Revenue: Rose 14.8% to $207.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: The E.W. Scripps Company reported an adjusted net loss of 2 cents per share. By that measure, the company fell in line with the mean analyst estimate of a loss of 2 cents per share. It beat the average revenue estimate of $202.2 million.
Quoting Management: “We’re off to an encouraging start in 2012,” said Rich Boehne, Scripps president and CEO. “Revenue in our TV and newspaper markets came in a little better than expected and the associated cash expenses were down, despite the investments we’re making in new digital products and services.
A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the fourth quarter of the last fiscal year, which saw a 10.4% decrease.
The company fell in line with estimates last quarter after beating expectations in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by one cent, and in the third quarter of the last fiscal year, it was ahead by 4 cents.
The company reported a net loss last quarter after booking a profit the quarter before that. The company booked a profit of $10.7 million, or 19 cents per share, in the third quarter of the last fiscal year.
Looking Forward: The average estimate for the second quarter remains unchanged at 6 cents a share. At 67 cents per share, the average estimate for the fiscal year has fallen from 73 cents ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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