Loading...
•
Jun 30, 2024
Scripps Q2 2024 Earnings Report
Delivered $574 million in revenue and a loss attributable to shareholders of $13 million.
Key Takeaways
The E.W. Scripps Company reported a revenue of $574 million for Q2 2024, a slight decrease of 1.6% year-over-year. The loss attributable to shareholders was $13 million, or 15 cents per share. Political advertising revenue was much stronger than expected, driving growth in the first half of the year.
Political advertising revenue came in much stronger than expected at $28 million, driving 40% growth in the first half of the year over the same period of 2020.
Scripps now believes its 2024 Local Media election-year political advertising revenue will reach record levels, with a new range of $270-$290 million.
Progress continues on the planned divestiture of Scripps’ Bounce television network.
Scripps Networks' national advertising upfront sales season is winding down with volume increases in the low single digit percent range over last year, driven largely by the success of the company’s women’s sports strategy.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Scripps provided guidance for Q3 2024 and full year 2024.
Positive Outlook
- Local Media revenue is expected to be up about 20 percent in Q3 2024.
- Local Media expense is expected to be up low-single-digit percent range in Q3 2024.
- Scripps Networks expense is expected to be down low-single-digits percent range in Q3 2024.
- Full-year 2024 capital expenditures updated to $65-$70 million.
- Full-year 2024 taxes paid updated to $60-$65 million.
Challenges Ahead
- Scripps Networks revenue is expected to be down mid-single digits percent range in Q3 2024.
- Shared services and corporate expenses are expected to be about $21 million in Q3 2024.
- Full-year 2024 interest paid updated to $195-$205 million.
- Full-year 2024 depreciation and amortization is projected at $150-$160 million.
- Unspecified: Results of last year’s national advertising upfront are still impacting our quarterly results in the Scripps Networks division
Revenue & Expenses
Visualization of income flow from segment revenue to net income