- E.W. Scripps (NASDAQ:SSP) is trading 4.1% lower after Q2 revenues missed expectations despite 15% growth paced by solid TV growth.
- The company swung to a gain on net income. Retransmission revenues rose 46% to $53.4M.
- Political TV advertising was $8.4M in Q2 and the company notes spending is focused on key states for Scripps (Ohio, Florida, Colorado, Nevada, Wisconsin).
- Revenues by segment: Television, $191.7M (up 14.5%); Radio, $18.2M (down 6.3%); Digital, $15.2M (up 76.8%); Syndication and other, $2.7M (down 1.6%).
- Earnings by segment: Television, $53.3M (up 19.5%); Radio, $3.9M (down 20.5%); Digital, -$4.7M (improved from loss of $4.92M); Syndication and other, -$1.05M (improved from loss of $1.06M).
- For Q3, Scripps sees TV revenues up between 35% and 45%, with expenses up in the mid-teens; radio revenue down in mid-single digits, with expenses up mid-single digits; and digital revenue up about 50% (with expenses rising by the same ratio).
- Press Release