E.W. Scripps Co. incurred a loss in the second quarter, after registering a profit in the year-ago quarter. Its revenue, however, increased over the same period.
The broadcasting company reported a loss of a cent per share - compared to the year-ago quarter’s positive earnings of 6 cents a share. Its loss was in line with analysts’ consensus estimates.
Scripps' quarterly revenue of $337.5 million came in higher than the year-ago quarter’s $283.4 million. The figure was also higher than the $335 million that analysts surveyed by FactSet had expected. Revenue from local media was $237 million, +11% higher compared to the same quarter a year ago, while national media revenue was $98.5 million, marking an increase from $68.2 million last year.
CEO Adam Symson seems sanguine about Scripps' M&A strategies. He indicated that recent acquisitions and those in the pipeline would lead to the company owning TV stations in 26 of the top 50 U.S. markets. Scripps would potentially have 60 stations in 42 markets.