UPDATE: Tribune Media Posts Higher Q4 Earnings, Issues Strong Revenue Outlook

Shares of

jumped over 6% in pre-market trading after the company reported a strong rise in its fourth-quarter earnings and issued an upbeat revenue forecast for the year. For the full year, Tribune Media projects revenue of $2 billion to $2.03 billion, versus analysts' estimates of $1.87 billion. The company also expects 2015 adjusted EBITDA of $480 million to $495 million. The Chicago, Illinois-based company posted a quarterly profit of $315 million, versus a year-ago profit of $67 million. Its earnings from continuing operations surged to $3.14 per share from $0.33 per share. Its revenue climbed 85% to $553.4 million. However, analysts were expecting earnings of $0.55 per share on revenue of $424 million. Revenue from Tribune Media's television-and-entertainment business climbed 80% to $479.1 million, while revenue from the company's digital and data business jumped to $61.2 million from $19.3 million. Its operating expenses rose 84% to $553 million, while operating profit climbed 276% to $163.4 million. Adjusted EBITDA gained 121% to $211.0 million in the quarter. The company's board declared a special cash dividend of $6.73 per share. Peter Liguori, Tribune Media's President and Chief Executive Officer, stated, "Our strong financial and operational results in the fourth quarter and full-year 2014 demonstrate the strength of our strategy to develop Tribune Media into a diverse modern media company." "For 2015, we are well-positioned to increase revenue by building our station group market share and growing substantially our retransmission consent and carriage fees. Importantly, we are accomplishing this in an off-cycle political year," Liguori added. Tribune Media shares jumped 6.19% to $70.00 in pre-market trading.