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Dec 31, 2022
Scripps Q4 2022 Earnings Report
Delivered revenue and segment profit growth driven by political and distribution revenue.
Key Takeaways
The E.W. Scripps Company reported a 9.4% increase in revenue to $681 million and a 21% increase in segment profit to $204 million for Q4 2022, driven by growth in political advertising and distribution-related revenues. The company is reorganizing to leverage its position in the U.S. television ecosystem and propel growth across emerging media marketplaces, expecting at least $40 million in annual savings.
Scripps launched the Scripps Sports division to capitalize on opportunities in the sports rights landscape.
Scripps News was launched, incorporating the former Newsy brand and other Scripps national news operations.
The Local Media division achieved a full-year midterm election-year record in political advertising revenue and distribution revenue.
Scripps Networks division grew connected TV (CTV) revenue by nearly 40% from 2021 to 2022.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.com Forward Guidance
First-quarter 2023 expectations compared to the same period in 2022.
Challenges Ahead
- Local Media revenue down mid-single-digit percent range
- Local Media expense flat
- Scripps Networks revenue down high-single-digit percent range
- Scripps Networks expense up high-single-digit percent range
- Shared services and corporate expenses about $24 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income