E.W. Scripps sees profit, revs jump for Q4
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Michelle Clancy
| 02 March 2019

US TV station owner and broadcast giant E.W. Scripps Company has reported significantly higher profit in the fourth quarter of 2018 compared with a year ago.

For the quarter ended 31 December 2019, net income totalled $21.98 million, or $0.27 per share, up from just $6.97 million, or $0.09 per share, in last year's fourth quarter. Revenue for the quarter meanwhile rose 40.6% to $368.11 million – up from $261.75 million last year.

Part of the wind at its back is the fact that Scripps completed the sales of its radio stations in the quarter; total proceeds from the divestitures of its 34 radio stations were $83.5 million. Also, in the fourth quarter, Scripps outperformed revenue guidance in both the local and national media divisions; the latter was a particular highlight, with the segment more than doubling its profit sequentially, to $7 million.

Scripps also closed on the acquisition of Triton, the leader in digital audio infrastructure and audience measurement, on 30 November. Revenue from that transaction was $3.3 million.

“Last year, the company made tremendous strides in its plan to improve short-term operating performance while positioning itself strategically for long-term growth,” said Scripps president and CEO Adam Symson. “In terms of our five-point growth plan, we completed the reorganisation of our company into consumer-focused local and national media divisions, reduced our corporate and division costs by more than $30 million, sold our 34 radio stations and beat our financial results guidance across the board each quarter.”