Movers and SHAKERS
E.W. Scripps (SSP)
Why We Are Raising Full Year 2022 Estimates
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.Q1 exceeds expectations. First quarter results were better than expected on both the top line and cash flow. Total company revenues increased 4.6% to $565.7 million, 1.3% better than our $558.5 million estimate. Adj. EBITDA was $124.5 million, 16% better than our $107.5 million estimate. The variance on the revenue was due to stronger than expected core advertising, beating our estimate by 1.5% and better revenues in its Networks business, beating our estimate by 1.9%.
Q2 guidance lower than expected. We are raising our total company revenue estimate from $596.0 million to $603.0 million. Due to the higher than expected costs in its Network segment, we are lowering our adj. EBITDA estimate from $167.4 million to $139.3 million. The Q2 adjustment took away the Q1 upside variance in Adj. EBITDA. ...
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.