Loading...
•
Sep 30, 2024
Scripps Q3 2024 Earnings Report
Delivered record revenue driven by record political advertising revenue and reduced debt and leverage.
Key Takeaways
Scripps reported a record $646 million in revenue for Q3 2024, driven by record political advertising revenue. Income attributable to shareholders was $33 million, or 37 cents per share. The company paid down $115 million of debt and expects full-year political advertising revenue to reach at least $340 million.
Scripps' Local Media political advertising revenue was nearly 30% higher than the last presidential-election year.
Record political advertising revenue translated to record third-quarter company revenue.
The company's leverage ratio decreased from 6.0x in the second quarter to 5.1x at the end of the third quarter.
Scripps expects its operating performance improvement will continue into next year, including a Scripps Networks margin improvement of at least 400-600 basis points in 2025.
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 fourth quarter of 2024.
Positive Outlook
- Local Media revenue is expected to be up in the low-to-mid 30% range.
Challenges Ahead
- Scripps Networks revenue is expected to be down in the mid-single-digit percent range.
- Scripps Networks expense is expected to be down in the high-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