Monday, November 11, 2019

E.W. Scripps Company (SSP)

What Is At The Core Of Q3 Results?

The E.W. Scripps Co. (www.scripps.com) serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including digital video news service Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the longtime steward of one of the nation�s largest, most successful and longest-running educational programs, Scripps National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

• Exceeds Q3 expectations. Q3 revenues were $350.1 million, better than our $343.1 million estimate, with the largest variance due to stronger than expected core advertising. Operating cash flow (adj. EBITDA) was better than expected at $39.0 million versus our $37.8 million estimate.
• Q4 guidance a little better.  The favorable core advertising trends appear to be continuing into Q4, along with better than expected Poltical advertising. As such, we are raising our Q4 revenue and...
  

  
  

  
  

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 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.