Scripps Q1 2022 Earnings Report
Key Takeaways
E.W. Scripps Company reported a 4.6% increase in total revenue to $566 million and segment profit of $115 million for Q1 2022, driven by high sales execution and disciplined expense control. The company is on track to deliver free cash flow of $400-$450 million for the full year, supported by projected political advertising revenue of $270 million.
Scripps' Local Media division experienced a 3.4% growth in Q1 core advertising revenue, acquiring over 1,000 new-to-TV advertisers.
Scripps Networks outperformed its national cable and broadcast networks marketplace peers with an 8.5% increase in adjusted combined revenue.
Scripps received debt ratings upgrades from Moody's and S&P, which are expected to decrease future interest expenses.
The company redeemed $123 million of senior notes during the first quarter, resulting in a $1.2 million gain on extinguishment of debt.
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Scripps Revenue by Segment
Forward Guidance
The company provided guidance for the second quarter of 2022 and full year 2022.