E. W. Scripps Company Class A ( (SSP) ) has released its Q3 earnings. Here is a breakdown of the information E. W. Scripps Company Class A presented to its investors.
The E.W. Scripps Company is a diversified media company, known for being one of the largest local TV broadcasters in the United States, offering a range of news and entertainment content through its various stations and networks. In its latest earnings report, Scripps announced a record revenue of $646 million for the third quarter of 2024, primarily driven by unprecedented political advertising revenue. This strong financial performance has contributed to significant reductions in the company’s debt and leverage. Key highlights from the earnings report include a substantial increase in political advertising revenue, reaching $125 million in the third quarter, and a strategic focus on expense management, particularly in the Scripps Networks division, which saw a nearly 4% decline in costs. Additionally, the company achieved a notable improvement in its leverage ratio, decreasing from 6.0x to 5.1x, and plans to further reduce debt by $300 million by the end of the year. Looking forward, the company remains optimistic about continued operating performance improvements into the next year, with expectations of margin enhancements in its Scripps Networks segment.
