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Sep 30, 2023
Scripps Q3 2023 Earnings Report
Delivered revenue of $567 million and segment profit of $97.5 million.
Key Takeaways
Scripps reported a decrease in revenue to $567 million and a net loss attributable to shareholders of $16.2 million, or 19 cents per share, for Q3 2023. The results reflect a decrease in political revenue compared to the prior-year quarter, which included a midterm election.
Scripps successfully completed cable and satellite carriage agreements covering about 75% of the company’s Local Media subscriber households.
Scripps Sports signed a new agreement with the National Hockey League’s Arizona Coyotes to distribute its games beginning this season.
Scripps Networks’ third-quarter revenue was down 8%, exceeding guidance because of better-than-expected connected TV and direct response revenue.
Restructuring charges for the third quarter were nearly $5 million, and the company is on track to realize at least $40 million in savings through the reorganization by the middle of 2024.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.com Forward Guidance
The company provided the following outlook for Q4 2023, comparisons are to the same period in 2022:
Challenges Ahead
- Local Media revenue down low to mid-double digits
- Local Media expense up mid-single digits
- Scripps Networks revenue down in the 10% range
- Scripps Networks expense flat
- Shared services and corporate about $22 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income