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Mar 31, 2023
Scripps Q1 2023 Earnings Report
Delivered revenue of $528 million and segment profit of $72.4 million, both down from the prior-year quarter due to inflation and consumer uncertainty.
Key Takeaways
Scripps reported a decrease in revenue and segment profit compared to the prior-year quarter, with a loss attributable to shareholders of $31.1 million. The company is focusing on growth areas such as news, sports, and entertainment, and expects to realize savings of at least $40 million through reorganization.
Announced multi-year agreement to televise Friday night WNBA games on ION.
Announced multi-year agreement to televise Vegas Golden Knights NHL team’s games in Las Vegas and surrounding markets.
Launched a reorganization of the company expected to result in at least $40 million in annual savings.
Connected TV revenue for Scripps’ national networks grew 46% over Q1 2022.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.com Forward Guidance
The company provided guidance for the second quarter of 2023.
Positive Outlook
- Local Media revenue is expected to be flat to up in the low single-digit percent range.
Challenges Ahead
- Scripps Networks revenue is expected to be down in the high single-digit percent range.
- Local Media expense is expected to be up in the low single-digit percent range.
- Scripps Networks expense is expected to be up in the mid-single-digit percent range.
- Shared services and corporate expenses are expected to be about $25 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income