Saga Communications ( (SGA) ) has released its Q3 earnings. Here is a breakdown of the information Saga Communications presented to its investors.
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Saga Communications, Inc., a media company specializing in acquiring, developing, and operating broadcast properties, operates within the broadcasting industry, focusing on radio stations and digital platforms across 28 markets.
In its third-quarter earnings report for 2024, Saga Communications reported a decline in net revenue by 3.5% to $28.1 million compared to the previous year, alongside an increase in station operating expenses by 3.1%. This led to a significant drop in operating income to $1.6 million from $3.5 million in the same quarter last year.
Key financial highlights include a 21.2% decrease in station operating income to $6.0 million and a reduction in net income to $1.3 million from $2.7 million year-over-year. For the nine-month period ending September 2024, the company saw a 2.5% decrease in net revenue to $81.5 million with an increase in station operating expenses by 4.7%, resulting in a steep decline in operating income from $8.7 million to $1.4 million. The company maintained its commitment to shareholder returns with a quarterly dividend of $0.25 per share.
Looking ahead, Saga Communications remains committed to maintaining a strong balance sheet and aims to continue its strategic focus on dividends and potential stock buybacks, despite a challenging economic environment impacting the radio broadcast industry. The management plans to allocate approximately $4.0 to $4.5 million for capital expenditures in 2024.
