EW Scripps Company Reports Q2 Financial Results for 2024
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E.W. Scripps Company Reports Q2 Financial Results for 2024
CINCINNATI, Aug. 8, 2024 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) reported its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change |
|---|---|---|---|
| Total Revenue | $574 million | $583.2 million | -1.6% |
| Earnings per Share (EPS) | -$0.15 | -$8.10 | N/A |
Interpretation: The company saw a slight decline in total revenue by 1.6% year-over-year, down to $574 million from $583.2 million. Losses per share improved significantly to $0.15 in Q2 2024 from $8.10 in the prior year, which included significant non-cash impairment and restructuring charges.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Year-over-Year Change |
|---|---|---|---|
| Local Media | $365 million | $352.3 million | 3.6% |
| Scripps Networks | $209 million | $231.4 million | -9.7% |
Interpretation: Local Media experienced a positive uptick in revenue by 3.6%, driven notably by increased political advertising. However, the Scripps Networks saw a 9.7% decline in revenue from the previous year, mainly influenced by lingering impacts from last year's national advertising upfront.
Comments from Company Officers
From Scripps President and CEO Adam Symson: "During the second quarter, our Local Media political advertising revenue came in much stronger than expected at $28 million, driving 40 percent growth in the first half of the year over the same period of 2020. Election spending remains robust, with significant contributions from U.S. Senate races and controversial ballot issues. We have raised our expectations for 2024 presidential election-year revenue, and positive developments in sports viewership, particularly for the WNBA, bolster our outlook."
Key Operational Data
| Operational Data | Q2 2024 |
|---|---|
| WNBA Revenue Growth | +85% from the 2023 season |
Dividends and Share Repurchase Program
The company did not declare or provide payment for any 2024 quarterly preferred stock dividends. This decision aims to provide better flexibility for accelerating deleveraging and maximizing debt paydown.
Forward Guidance
The E.W. Scripps Company now projects its 2024 Local Media election-year political advertising revenue to reach record levels within the range of $270-$290 million, with even the lower end surpassing previous records.
Stock Price Movement
Following the earnings release, the company's stock experienced a slight decline of 0.33%.
For more detailed financial information and to access the earnings call replay, visit http://ir.scripps.com .
Contact Information: - Media Contact: Michael Perry, The E.W. Scripps Company, (513) 259-4718, [emailxa0protected] - Investor Contact: Carolyn Micheli, The E.W. Scripps Company, (513) 977-3732, [emailxa0protected]
About Scripps: The E.W. Scripps Company is a diversified media company with a focus on creating a better-informed world through its network of local television stations and national news outlets. Founded in 1878.
This article summarizes the key points from the company's Q2 2024 financial results. For more comprehensive details, refer to the full earnings release document.
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