E.W. Scripps Turns To Profit In Q3; Says On Track To Exceed FY20 Free Cash Flow Outlook

(RTTNews) - E.W. Scripps Co. (SSP) reported Friday that its net income for the third quarter was $58.52 million or $0.69 per share, compared to net loss of $21.93 million or $0.27 per share in the prior-year quarter.

Income from continuing operations was $63.97 million or $0.76 per share, compared to loss from continuing operations of $17.33 million or $0.22 per share in the prior-year quarter.

Pre-tax costs for the quarter included $10.9 million of acquisition and related integration costs that decreased income by $8.2 million, net of taxes, or $0.10 per share.

Revenue for the quarter grew 49 percent to $493.26 million from $330.86 million in the prior-year quarter. That includes incremental revenue from the television stations acquired from the Nexstar transaction with Tribune on September 19, totaling $50 million. Total company political revenue in the quarter was $98.3 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share on revenues of $465.75 million. Analysts' estimates typically exclude special items.

Looking ahead, E.W. Scripps said it is on track to end the year at more than $280 million of free cash flow, or at least $3.42 of free cash flow per share, exceeding the 2020 free cash flow guidance of $225 million to $250 million it set out in 2019.