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Why Is E.W. Scripps Trading Higher Today?

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  • The E.W. Scripps Co (NASDAQ: SSPreported a 40% year-on-year revenue growth to $591 million in the fourth quarter of FY20, exceeding the analyst estimate of $570.48 million.
  • Revenue from Local Media rose 43% to $473 million. Core advertising revenue declined 8.9% to $181 million due to a shift to political advertising and weakened economic conditions, reflecting the pandemic's impact on advertiser spending. Political revenue rose 808% to $138 million, and the Retransmission revenue rose 36% to $150 million. Revenue from National Media rose 28% to $117 million.
  • Scripps closed the ION national television network acquisition in January and has combined it with the five Katz networks and Newsy to create the Scripps Networks division.
  • The company closed the sale of Stitcher on October 16. Scripps announced selling Triton on February 17 for $230 million
  • EPS of $1.31 beat the consensus estimate by $0.01.
  • Cash and cash equivalents totaled $210 million, while total debt was $3.8 billion on January 31.
  • Scripps suspended issuing new guidance due to uncertainties associated with the pandemic.
  • Price action: SSP shares are up 5.56% at $19.37 on the last check Friday.
 

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Posted-In: Earnings News Guidance Small Cap Tech Media

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