E.W. Scripps Loss Narrows - Update

(RTTNews) - Media company E.W. Scripps Co. (SSP), Friday reported a smaller loss for the third quarter, as revenues rose on higher television revenues, although both earnings and revenues fell short of Wall Street estimates.

Cincinnati, Ohio-based EW Scripps' third-quarter loss narrowed to $1.3 million or $0.02 per share from last year's $8.9 million or $0.16 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.

The company's revenues for the third quarter rose 9.5 percent to $207.6 million from $189.5 million a year ago. Analysts had a consensus revenue estimate of $217.05 million for the period.

Television revenues rose 22 percent, driven by $17.4 million of political advertising. Contributions from two stations acquired from Granite in the previous quarter and a 50 percent increase in retransmission revenue also helped televisions revenues. Meanwhile, newspapers revenue declined 4.4 percent as advertising and marketing services revenue continued to drop, partially offset by an increase in subscription revenues.

CEO Rich Boehne said, "Television demonstrated its power as a platform for engaging local voters once again in the third quarter. Our local TV brands proved to be the venue of choice for candidates and issue backers in several of the most active election states."

Looking forward to the fourth quarter, the company expects television revenue growth in the upper 20s, and newspaper revenues to decline in mid-single digits.

SSP is currently trading at $7.72, down $0.41 or 2.26%, on the NYSE.