Tuesday, May 14, 2019
E.W. Scripps (SSP)
Resetting Expectations.
The E.W. Scripps Co. 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.
Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- First quarter results below
expectations. We chocked up much of the miss to the timing of acquisitions and the confusion over proforma results, something which the company tried to clarify with the recent release of proforma numbers for its Local Media division. Based on our read, expenses seem to be higher than we expected even after adjusting for the timing of acquisitions. - Second quarter guidance. Proforma second quarter revenues are expected to be slightly lower than our expectations and expenses are expected to be higher. As such, we are lowering our second quarter revenue estimate from $345.5 million to $339.7 million and our adjusted EBITDA estimate from $50.2 mil…
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