E.W. Scripps Q3 Results Top Estimates; Boosts FY21 Cash Flow Outlook - Quick Facts

(RTTNews) - media company E.W. Scripps Co. (SSP) reported Friday that its net income for the third quarter declined to $46.12 million or $0.50 per share from $58.52 million or $0.69 per share in the prior-year quarter. Income from continuing operations attributable to the shareholders of Scripps was $45.8 million or $0.49 per share.

Operating revenue for the quarter grew 12.6 percent to $555.24 million from $493.26 million in the same quarter last year, reflecting the impact of the ION acquisition.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share on revenues of $554.15 million for the quarter. Analysts' estimates typically exclude special items.

Total company political revenue was $7.1 million, compared to $96.4 million in the prior-year quarter, which included a presidential election race.

Looking ahead, E.W. Scripps raised its free cash flow guide for second time this year due to successful ION integration combined with local sales execution to up to $255 million to $265 million from the prior forecast of $240 million to $260 million, driven by the strength of its local and national brands, sales execution and the rebounding advertising marketplace.