E.W. Scripps Co. (SSP) Misses Q4 EPS by 21c, Revenues Beat

E.W. Scripps Co. (NASDAQ: SSP) reported Q4 EPS of $0.44, $0.21 worse than the analyst estimate of $0.65. Revenue for the quarter came in at $368 million versus the consensus estimate of $353.83 million.

• Total revenue was $368 million compared to $262 million in fourth-quarter 2017.
• Income from continuing operations was $36 million or 44 cents per share.

Commenting on the business highlights, Scripps President and CEO Adam Symson said:

"Last year, the company made tremendous strides in its plan to improve short-term operating performance while positioning itself strategically for long-term growth. In terms of our five-point growth plan, we completed the reorganization of our company into consumer-focused Local and National Media divisions, reduced our corporate and division costs by more than $30 million, sold our 34 radio stations, and beat our financial results guidance across the board each quarter.

"We announced plans to acquire 18 television stations from Cordillera and Raycom, enhancing our durability and depth in key states and growing our reach to 21 percent of the United States. Upon the closing of the Cordillera transaction, we will own No.1 stations in a third of our local media markets.

"We maintained a balanced approach to allocating capital through the television station acquisitions and the addition of digital audio leader Triton to our portfolio of fast-growing National Media businesses combined with the initiation of a dividend and our accelerated share repurchase program.

"Looking ahead, we are focused on continuing to seek opportunities to bolster the durability and reach of our portfolio. Scripps also continues to grow its retransmission revenue and will benefit in less than a year from the reset of its Comcast contract on Dec. 31, 2019.

"We will continue to scale our national businesses by focusing on audience and revenue growth to drive greater future cash-flow contributions.

"Our management prioritizes near-term operating performance while maintaining our approach to long-term value creation. These were the goals of our plan, and we are pleased with our progress in executing it."

For earnings history and earnings-related data on E.W. Scripps Co. (SSP) click here.

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