E.W. Scripps reports Q2 EPS ($8.10) with items, consensus (12c)

Reports Q2 revenue $583M, consensus $575.83M. A non-cash goodwill impairment charge and restructuring costs for the quarter accounted for $8.01 of the per share loss. From Scripps President and CEO Adam Symson, said, “In our Local Media segment, we are pleased to be making good progress on our distribution renewals, netting Scripps significant increases to market rate and leading to mid-teens distribution revenue growth this year as well as significant net distribution margin expansion. In local advertising, the most positive story was the return of automotive spending – our second-largest core advertising category. Automotive has now shown year over year growth for four consecutive quarters. At Scripps Networks, scatter market demand and audience ratings were better than we had anticipated for the second quarter, and we look forward to the rebound of our portfolio revenue upon the return of the national advertising marketplace.”