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Tuesday, August 13, 2019
E.W. Scripps (SSP)
Posts A Good Quarter; A Surprising Reaction
The E.W. Scripps Company serves audiences and businesses through a growing portfolio of media brands. Scripps currently has 34 radio stations and will expand to over 50 stations with recently announced acquisitions. In addition to its Television station portfolio, SSP runs an expanding collection of national businesses, including podcasting content and infrastructure, a cable network and digital news business, and national broadcast networks.
Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Second quarter overachieves expectations. Second quarter revenues were roughly in line with expectations ($336.7 million versus our $339.7 million), but cash flow (adj. EBITDA) over achieved expectations ($47.6 million versus our $38.2 million estimate). Stronger results in the National Media segment accounted for the variance in our estimates.
- Third quarter guidance a little better. The company’s Local Media business appears to be doing slightly better than we thought. This is offset by higher than expected…
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