Tribune Media Posts Decline In Q3 Net Profit, Revenue Surges

Tribune Media Co TRBAA reported a drop in its profit for the third quarter. The Chicago, Illinois-based company posted a quarterly profit of $38 million, or $0.38 per share, versus a year-ago profit of $49.8 million, or $0.50 per share. The latest quarter included $39.2 million in interest expense, versus $9.6 million previous year. Its earnings from continuing operations climbed to $0.53 per share from $0.39 per share. Its revenue surged 69% to $474.9 million. Revenue at its television-and-entertainment business gained 68% to $417.2 million, while earnings before interest, taxes, depreciation and amortization jumped to $132.6 million from $77.8 million. Revenue at the company's digital and data business jumped to $44.6 million from $18.9 million, while adjusted EBITDA gained to $10.0 million from $7.3 million. Its operating profit climbed 21% to $55.3 million, while adjusted EBITDA jumped 52% to $146.1 million. Tribune Media's operating expenses increased 79% to $419.6 million. Free cash flow rose to $30.0 million in the quarter from $18.3 million. "We are pleased to see many of the long-term initiatives we have put in place since early 2013 begin to take shape," said Peter Liguori, Tribune Media's President and Chief Executive Officer. Tribune Media shares fell 2.67% to close at $62.00 yesterday.