Friday, May 10, 2024
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Favorable Q1 results. Revenues were a little lighter than what we were looking for at $561.5 million versus our $571.0 estimate, but adj. EBITDA was better than expected. Adj. EBITDA benefited from stronger than expected high margin Political advertising, $15.2 million versus our $6.5 million estimate. As such, adj. EBITDA of $91.8 million was better than our $82.9 million estimate.
Raises Political guide. Given the Political advertising strength, management raised full year 2024 Political advertising revenue guide from $210 million to $250 million to a range of $240 million to $270 million. Our previous estimate was $225 million. Notably, the high end of the range would exceed that of the last presidential election cycle in 2020 at $265 million.
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