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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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