Scripps posts Q2 profit thanks to TV ad revenue
Michelle Clancy | 08-08-2012
TV advertising increases and a growth-by-acquisition strategy has spurred TV affiliate and newspaper owner E.W. Scripps Co. to a second-quarter profit.
Political ads and sporting events grew TV revenue 52% to $117.1 million, in a quarter where Scripps added TV stations in Indianapolis, Denver, San Diego and Bakersfield, Calif.
Factors combined to reverse a loss one year ago: net income came to $5.4 million, or 9 cents per share, up from a loss of $2.2 million last year. Revenue grew 19% to $216.9 million.
The company also provided full-year guidance: the company said TV revenue should come in at $470 million to $485 million, while syndication and other revenue will top $10 million.
Combined with newspaper revenue of $400 million and the annual revenue should be $880 million to $895 million, the company said, which exceeds analyst expectations of $873 million for the full year.