- E.W. Scripps (NYSE:SSP) is off 5.3% after missed revenue expectations in Q4 earnings (and while trading ex-dividend today).
- A boost in revenues from national media (fueled by a Katz acquisition) more than made up for a decline in its core local media segment. Revenues rose 1.6% overall.
- Meanwhile costs for segments, shared services and corporate were up 29% to $222M, driven by the new expenses at Katz and higher network programming fees.
- Net income fell to $11.5M from $36.3M; the current quarter includes a gain on Katz investment of $5.4M.
- Political revenues fell $52.8M due to a non-election year.
- Revenue by segment (after segment reorg): Local media, $202.6M (down 16.5%); National media, $52.97M (up 486.4%); Other, $1.4M (up 11.7%).
- For Q1, it's guiding to local media revenue up mid-single digits and retransmission revenue up about 10%, along with national media revenue in the mid- to high-$50M range. It's forecasting capex in the high-single digit millions.
- Press release
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