Media company E.W. Scripps Co. (SSP) Tuesday reported a sharp decline in fourth quarter profit, on lower revenues. Operating revenues, however, beat analysts' consensus estimates.
In the fourth quarter, revenue from television stations fell 24.2 percent to $115.22 million. Meanwhile, Core local and national television advertising revenue climbed 17 percent from last year.
Revenue from newspapers was $103.23 million, down 1.8 percent from the year-ago quarter. The company noted that continued decline in advertising and marketing services revenue was partially offset by an increase in subscription revenue.
Newspapers saw a 5 percent rise in subscription revenue, the second consecutive quarterly increase.
Rich Boehne, chairman, president and CEO of the company said, "Our growing television operations finished 2013 strong, rebuilding their core local and national advertising categories in the off year for political spending and delivering strong growth in retransmission revenue. We expect our core business to grow again in 2014..."
For the fourth quarter, net income attributable to the company fell to $7.86 million or $0.14 per share from $27.19 million or $0.47 per share in the previous year. Two analysts polled by Thomson Reuters expected earnings per share of $0.14 for the quarter. Analysts' estimates typically exclude one-time items.
Operating revenues for the quarter declined to $220.83 million from $259.75 million last year, but came above analysts' consensus estimates of $216.63 million.
Looking ahead, for the first-quarter, the company expects Television revenues and expenses to be up low to mid-single digits, with the rate of growth in revenue greater than the rate for expenses.
Newspaper revenues and expenses are expected to decline at a low-single-digit rate, with the decline in expenses being greater than the decline in revenues.
For full year 2014, the firm anticipates television revenues to increase over 20 percent, including some $65 million in political and more than $50 million in retransmission revenue. Newspaper revenues and expenses are expected to be about flat with last year.
SSP closed Monday's regular trading at $19.51 on the NYSE.
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