Gold prices steady ahead of Fed decision; weekly weakness noted
CINCINNATI -On Wednesday, E.W. Scripps Company (NASDAQ:SSP) reported fourth-quarter results that beat revenue expectations.
The company’s shares soared 32.17% in premarket trading following the release.
The media company posted revenue of $728.4 million, surpassing analyst estimates of $719.96 million. Adjusted earnings per share came in at $0.92, below the $1.01 expected by analysts.
E.W. Scripps’ fourth-quarter performance was driven by record political advertising revenue of $174.4 million, up significantly from $16.4 million in the prior-year quarter. This surge in political ad spending more than offset an 11% decline in core advertising revenue to $147.4 million.
"We are pleased to be announcing a significant round of debt refinancing. Our highest priority remains reducing our total amount of debt and improving the company’s leverage with a focus that is already yielding significant results," said Scripps President and CEO Adam Symson.
The company’s Local Media segment saw revenue jump 34% YoY to $511 million, while Scripps Networks revenue declined 6.1% to $216.1 million.
For the first quarter of 2025, E.W. Scripps expects Local Media revenue to decrease in the high single-digit percentage range and Scripps Networks revenue to decline in the mid-single-digit percentage range.
The strong quarterly results and positive market reaction highlight investor optimism around E.W. Scripps’ political advertising potential and debt reduction efforts.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.