The E.W. Scripps Company Earnings: We Had a Tiny Profit
The E.W. Scripps Company (NYSE:SSP) reported its results for the second 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
Results: Reported a profit of $5.4 million (9 cents per diluted share) in the quarter. The E.W. Scripps Company had a net loss of $2.2 million or a loss 4 cents per share in the year-earlier quarter.
Revenue: Rose 18.5% to $216.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: The E.W. Scripps Company fell short of the mean analyst estimate of 10 cents per share. It beat the average revenue estimate of $202.2 million.
Quoting Management: “We had a promising second quarter, setting us up for good performance in the second half of the year,” said Rich Boehne, Scripps president and CEO. “A series of decisions and investments made in recent years prepared us to capitalize on the early surge of political advertising, and investments in local news content, more-relevant syndicated shows and digital products have created great environments for increased revenue. Our newly consolidated digital team is beginning to pump out high-quality products and services for both our TV and newspaper markets. Despite these investments in an aggressive digital rollout, the company’s total expenses, on an apples-to-apples basis, were down in the second quarter. As a result, revenue growth fell to the bottom line and we delivered a substantial increase in cash flow.”
The company fell short of estimates last quarter after being in line with expectations the quarter before with a loss of -2 cents.
The comapny’s revenue has not increased in each of the last two quarters. In the first quarter, revenue increased 14.8% to $207.1 million from the year-earlier quarter.
The company reported a profit last quarter after being in the red the prior quarter. The company booked a net loss of $6.3 million, or 11 cents per share, in the fourth quarter of the last fiscal year.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 11 cents per share, down from 12 cents ninety days ago. At 60 cents per share, the average estimate for the fiscal year has fallen from 67 cents ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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