Tribune Media (TRCO) Tops Q3 EPS by 14c, Revenues Beat

Tribune Media (NYSE: TRCO) reported Q3 EPS of $0.63, $0.14 better than the analyst estimate of $0.49. Revenue for the quarter came in at $498 million versus the consensus estimate of $481.45 million.

• Consolidated operating revenues increased 11% to $498.0 million (increased 12% excluding third quarter 2017 barter revenues, which are no longer recognized in 2018)
• Consolidated operating profit was $37.1 million compared to an operating loss of $29.5 million for the third quarter of 2017
• Consolidated Adjusted EBITDA increased 14% to $136.8 million
• Television and Entertainment advertising revenues increased 11% to $327.2 million
• Core advertising revenues (which exclude political and digital revenues) decreased 2% to $267.8 million
• Net political advertising revenues were $42.5 million, an increase of 90% compared to third quarter 2014 and an increase of 36% over third quarter 2016
• Retransmission revenues increased 12% to $116.6 million
• Carriage fee revenues increased 30% to $40.1 million

"We are very pleased with our record third quarter revenue and Adjusted EBITDA which reflect the strong operational year we are having," said Peter Kern, Tribune Media's Chief Executive Officer. "We drove share gains in political and core advertising along with reaping the benefits of unprecedented political spending and stronger core advertising in our markets. Net of displacement, we estimate core advertising growth would have been in positive territory for the quarter, which is a significant improvement compared to the first half of the year. This robust advertising performance along with continued growth in retransmission and carriage fees and diligent focus on costs produced a terrific third quarter. We are proud of the work our teams have done during this time, and we look forward to a strong finish to the year."

For earnings history and earnings-related data on Tribune Media (TRCO) click here.

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