CINCINNATI (AP) — TV station and newspaper owner The E.W. Scripps Co. said Tuesday that it posted a second-quarter profit, thanks to better-than-expected TV advertising revenue and the acquisition of several stations.
Net income came to $5.4 million, or 9 cents per share, reversing a loss of $2.2 million, or 4 cents per share, a year ago.
Revenue rose 19 percent to $216.9 million from $183.0 million.
Analysts polled by FactSet were looking for earnings of 10 cents per share on revenue of $207.3 million.
Television revenue rose 52 percent to $117.1 million thanks to higher revenue from political and other ads and the acquisition of TV stations in Indianapolis, Denver, San Diego and Bakersfield, Calif.
Newspaper revenue fell 5 percent to $97.2 million as both advertising and circulation revenue fell.
For the full year, the company said it expects television revenue of $470 million to $485 million, newspaper revenue of $400 million and syndication and other revenue of $10 million. Combined, the forecast annual revenue of $880 million to $895 million exceeds the $873 million expected by analysts.
Scripps Co.'s stock rose 22 cents, or 2.3 percent, to $9.84 in afternoon trading.