E.W. Scripps Co. (SSP) Misses Q3 EPS by 4c, Revenues Beat

E.W. Scripps Co. (NASDAQ: SSP) reported Q3 EPS of $0.69, $0.04 worse than the analyst estimate of $0.73. Revenue for the quarter came in at $493 million versus the consensus estimate of $465.75 million.

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

"Despite the lingering economic disruption, Scripps achieved record political advertising revenue, nearly 40% retransmission revenue growth, a rebound in core advertising, double-digit National Media revenue growth and a return to National division margin expansion.

"We are now on track to end the year at more than $280 million of free cash flow, or at least $3.42 of free cash flow per share, exceeding the $225-$250 million of 2020 free cash flow guidance we set out in 2019.

"We credit this performance to a recovering advertising marketplace combined with our strategies to become a stronger and more durable enterprise. Our recently announced acquisition of ION Media is another step in our systematic plan to improve the financial profile of the company and increase free cash flow, providing a clear path to debt reduction.

"None of this financial success would be possible without the commitment, focus and hard work of our dedicated Scripps team. Our journalists are serving their audiences well, despite facing hostility and physical danger this year covering protests and election events in the midst of this pandemic. Our sales executives have partnered with local and national businesses to restart the economy. We are grateful for the dedication of our employees, and we all remain firmly committed to exercising our First Amendment rights and serving our audiences and communities."

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

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