comScore (SCOR) Tops Q1 EPS by 10c, Revenues Miss

comScore (NASDAQ: SCOR) reported Q1 EPS of ($0.19), $0.10 better than the analyst estimate of ($0.29). Revenue for the quarter came in at $89.5 million versus the consensus estimate of $94.78 million.

First Quarter 2020 Financial Highlights

• Revenue of $89.5 million compared to $102.3 million in the prior-year quarter
• GAAP net loss of $13.2 million, or $(0.19) per share, which includes a $4.7 million non-cash impairment charge on certain property leases, compared to a net loss of $27.5 million, or $(0.46) per share in the prior- year quarter
• Adjusted EBITDA of $6.4 million compared to a loss of $2.5 million in the prior-year quarter

"We entered the year with great momentum, initiating and renewing business partnerships across the media landscape and positioning Comscore for success in 2020 and beyond. While revenue was lower than anticipated, partly due to effects from the pandemic in the final weeks of the quarter, our first quarter results reflect progress in product development and operational improvements. We launched new products and continued to effectively manage expenses, driving strong adjusted EBITDA growth," said Bill Livek, CEO and Executive Vice Chairman of Comscore. "While the economic climate has drastically changed in the past few months, we remain confident in our long-term opportunities and strategy."

"Although the global pandemic presents unique and unforeseen challenges to our communities and clients, we believe our 2019 cost actions and investments in new products have positioned Comscore to manage through this uncertain period. We look forward to leveraging our measurement products and data insights to help our clients navigate this rapidly evolving media environment. Finally, given these unprecedented times, we have and will take additional short-term actions to contain expenses and improve our operating cash flow, including temporary reductions in compensation, limited furloughs, and other administrative expense reductions," Livek concluded.

2020 Outlook

While Comscore's ability to provide independent, third party measurement to the Company's valued partners has been largely unaffected by the COVID-19 pandemic, the broader impact on Comscore's customers and the media industry as a whole is unclear at this time. Given this uncertainty, the Company is withdrawing its 2020 outlook until greater economic visibility returns. Comscore continues to monitor the pandemic and its effects closely and will update its stakeholders at the appropriate time.

For earnings history and earnings-related data on comScore (SCOR) click here.

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