Saga Communications Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI1970-01-01
Saga Communications, Inc. Reports Second Quarter 2024 Financial Results
Saga Communications, Inc. (Nasdaq: SGA) today reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue ($M) | 28.7 | 29.2 | -1.5% | 28.8 |
| EPS ($) | 0.40 | - | - | 0.29 |
| Operating Income ($M) | 2.1 | 4.3 | -51.2% | - |
| Station Operating Income ($M) | 6.4 | 8.0 | -20.0% | - |
| Net Income ($M) | 2.5 | 3.4 | -26.5% | - |
| Capital Expenditures ($M) | 1.5 | 1.3 | +15.4% | - |
Saga Communications reported a slight decrease in total revenue year-over-year, with a more notable decline in operating income and station operating income. Earnings per share (EPS) surpassed consensus estimates despite these declines, suggesting a better-than-expected bottom line.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue ($M) | Q2 2023 Revenue ($M) | YoY Change |
|---|---|---|---|
| Radio Broadcasting | - | - | - |
| Digital & E-Commerce | - | - | - |
| Non-Traditional Revenue | - | - | - |
The detailed revenue breakdown by segment was not provided in the earnings release, making it difficult to analyze individual segment performance. However, it is worth noting the general decline in overall revenue.
Dividends and Share Repurchase Program
Saga Communications paid a quarterly dividend of $0.25 per share on June 28, 2024, amounting to approximately $1.6 million. The company has paid over $132 million in dividends since 2012 and intends to continue regular quarterly cash dividends.
Forward Guidance
Saga did not provide specific forward guidance for future quarters. However, the company expressed its commitment to maintaining a strong balance sheet and returning value to shareholders, including potential special dividends, variable dividends, and stock buybacks.
Stock Price Movement
Following the earnings release, Saga Communications' stock saw a 3.42% increase, indicating a positive market response to the financial results.
Conclusion
Saga Communications experienced a mixed second quarter, with revenue and operating income declines but better-than-expected EPS. The company's continued dividend payments and intentions to maintain a strong balance sheet offer positive signals to investors, as evidenced by the stock price increase post-release.
The report has been organized into a more readable format, and unnecessary columns have been removed.
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