Q1 2024 E W Scripps Co Earnings Call Transcript
Key Points
- The E W Scripps Co (SSP) reported a 13% increase in Local Media division revenue, driven by growth in political and distribution revenue.
- Local distribution revenue saw a significant rise of over 20%, bolstered by 2023 renewals of cable and satellite agreements.
- Political advertising revenue forecast for the full year has been raised to between $240 million and $270 million, surpassing the revenue from the 2020 presidential year.
- Scripps Networks' scatter pricing was up nearly 40% from last year, indicating a strong demand in the advertising market.
- The company has successfully reduced its total debt by about 25% over the past three years, enhancing its financial stability.
- First quarter local core advertising revenue declined by approximately 3% from the previous year.
- Scripps Networks division revenue decreased by about 3% year-over-year in the first quarter.
- The company reported a loss attributable to shareholders of $12.8 million or $0.15 per share for the first quarter.
- For the second quarter, Scripps Networks division revenue is expected to be down in the mid-digit range.
- Local media expenses increased by about 8% from the prior year quarter, impacting overall profitability.
Thank you, everyone, for standing by, and welcome to the Scripps Q1 earnings conference call. (Operator Instructions) I will now turn the call over to your host, Head of Investor Relations, Carolyn Micheli. Please go ahead.
Thank you, Kevin. Good morning, everyone, and thank you for joining us for a discussion of the E.W. Scripps Company's financial results and business strategies. You can visit scripps.com for more information and a link to the replay of this call. A reminder that our conference call and webcast include forward-looking statements and that actual results may differ factors that may cause them to differ are outlined in our SEC filings.
We do not intend to update any forward-looking statements we make today. Included on this call will be a discussion of certain non-GAAP financial measures that are provided as supplements to assist management and the public in their analysis and valuation of the company.
These metrics are not formulated in accordance
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