The E.W. Scripps Company (NASDAQ:SSP) recently held its Q1 2024 Earnings Call on May 10, 2024, where they discussed their financial results and business strategies. The call was led by Carolyn Micheli, the Head of Investor Relations, who provided insights into the company’s performance.
During the call, it was revealed that The E.W. Scripps Company is not among the 30 most popular stocks among hedge funds, according to the latest data. Despite this, the company reported strong financial results for the first quarter of 2024, beating profit estimates due to tight cost controls.
Jason Combs, the Chief Financial Officer, highlighted the revenue growth in the Local Media division, which was up 13% from the previous year. This growth was driven by political and distribution revenue, with political revenue reaching $15 million. The company also saw positive performance in subscriber numbers, with total pay TV subscribers increasing by nearly 1%.
However, local core advertising revenue was down about 3% from the prior year period, with national advertising also experiencing a decline, mainly due to sports betting decreases. Despite this, core revenue from local businesses was up slightly for the quarter.
Overall, The E.W. Scripps Company remains optimistic about its financial outlook and is focused on capital allocation and managing its debt. The company’s President and CEO, Adam Symson, also provided insights into the Scripps advertising marketplaces and outlined the company’s guidance for the future.
Investors and analysts can access the full Q1 2024 Earnings Call transcript on the company’s website for more detailed information on their financial performance and strategic initiatives.