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Dec 30, 2024
Scripps Q4 2024 Earnings Report
Scripps reported its financial results for the fourth quarter of 2024, with significant revenue growth driven by record political advertising.
Key Takeaways
The E.W. Scripps Company reported a strong fourth quarter in 2024, with total revenue reaching $728 million, an 18% increase from the prior year, primarily fueled by record political advertising revenue. Net income attributable to shareholders was $80.3 million, or $0.92 per diluted share, a significant improvement from a loss in the prior year.
Total revenue for Q4 2024 was $728 million, an 18% increase from the prior-year quarter.
Net income attributable to shareholders was $80.3 million, or $0.92 per diluted share, compared to a loss of $268.3 million ($3.17 per share) in Q4 2023.
Record political advertising revenue significantly boosted the Local Media division, with $174 million in political revenue compared to $16.4 million in the prior non-election year.
The company's net leverage improved to 4.8x at year-end 2024, down from 5.7x at year-end 2023, due to strong cash flow and debt paydown.
Scripps
Scripps
Scripps Revenue by Segment
Revenue by Segment
Local Media Revenue
CapyFin.comScripps Networks Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Scripps anticipates continued progress in improving financial performance in 2025, with a focus on increasing Scripps Networks division margins and adapting to changes in the local broadcast regulatory environment.
Positive Outlook
- Scripps Networks division margin is expected to increase by at least 400-600 basis points in 2025.
- The company is executing a transformation plan to improve overall operating performance and create new value.
- Anticipated changes to local broadcast regulatory environment under new FCC leadership may improve economic growth and broadcasters' ability to serve communities.
- The company plans to lean into opportunities to improve operating performance and deepen community connections.
- The company is determined to continue improving financial performance through 2025.
Challenges Ahead
- Local Media revenue is expected to be down high single-digit percent range in Q1 2025.
- Local Media expense is expected to be up low-single-digit percent range in Q1 2025.
- Scripps Networks revenue is expected to be down mid-single-digit percent range in Q1 2025.
- Scripps Networks expense is expected to be down mid-teens percent range in Q1 2025.
- Shared services and corporate costs are projected to be about $22 million in Q1 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income