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A Look Back at Broadcasting Stocks' Q1 Earnings: E.W. Scripps (NASDAQ:SSP) Vs The Rest Of The Pack


Kayode Omotosho /
2024/07/09 3:46 am EDT

Earnings results often indicate what direction a company will take in the months ahead. With Q1 now behind us, let’s have a look at E.W. Scripps (NASDAQ:SSP) and its peers.

Broadcasting companies have been facing secular headwinds in the form of consumers abandoning traditional television and radio in favor of streaming services. As a result, many broadcasting companies have evolved by forming distribution agreements with major streaming platforms so they can get in on part of the action, but will these subscription revenues be as high quality and high margin as their legacy revenues? Only time will tell which of these broadcasters will survive the sea changes of technological advancement and fragmenting consumer attention.

The 9 broadcasting stocks we track reported a decent Q1; on average, revenues missed analyst consensus estimates by 0.6%. while next quarter's revenue guidance was in line with consensus. Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. But the beginning of 2024 has seen more volatile stock performance due to mixed inflation data, and broadcasting stocks have had a rough stretch, with share prices down 17.7% on average since the previous earnings results.

E.W. Scripps (NASDAQ:SSP)

Founded as a chain of daily newspapers, E.W. Scripps (NASDAQ:SSP) is a diversified media enterprise operating a range of local television stations, national networks, and digital media platforms.

E.W. Scripps reported revenues of $561.5 million, up 6.4% year on year, falling short of analysts' expectations by 1.3%. It was a decent quarter for the company, with an impressive beat of analysts' earnings estimates but a miss of analysts' Local Media revenue estimates.

E.W. Scripps Total Revenue

E.W. Scripps achieved the fastest revenue growth but had the weakest performance against analyst estimates of the whole group. The stock is down 39.2% since the results and currently trades at $2.81.

Is now the time to buy E.W. Scripps? Access our full analysis of the earnings results here, it's free.

Best Q1: Nexstar Media (NASDAQ:NXST)

Founded in 1996, Nexstar (NASDAQ:NXST) is an American media company operating numerous local television stations and digital media outlets across the country.

Nexstar Media reported revenues of $1.28 billion, up 2.1% year on year, falling short of analysts' expectations by 0.4%. It was a very strong quarter for the company, with an impressive beat of analysts' earnings estimates and a decent beat of analysts' Core Advertising revenue estimates.

Nexstar Media Total Revenue

The stock is down 1.7% since the results and currently trades at $165.02.

Is now the time to buy Nexstar Media? Access our full analysis of the earnings results here, it's free.

Slowest Q1: AMC Networks (NASDAQ:AMCX)

Originally the joint-venture of four cable television companies, AMC Networks (NASDAQ:AMCX) is a broadcaster producing a diverse range of television shows and movies.

AMC Networks reported revenues of $596.5 million, down 16.9% year on year, falling short of analysts' expectations by 0.8%. It was a weak quarter for the company, with a miss of analysts' revenue and earnings estimates.

AMC Networks had the slowest revenue growth in the group. The stock is down 31.7% since the results and currently trades at $9.39.

Read our full analysis of AMC Networks's results here.

FOX (NASDAQ:FOXA)

Founded in 1915, Fox (NASDAQ:FOXA) is a diversified media company, operating prominent cable news, television broadcasting, and digital media platforms.

FOX reported revenues of $3.45 billion, down 15.6% year on year, in line with analysts' expectations. It was a mixed quarter for the company, with a decent beat of analysts' earnings estimates but a miss of analysts' Affiliate revenue estimates.

FOX achieved the biggest analyst estimates beat among its peers. The stock is up 6.9% since the results and currently trades at $34.54.

Read our full, actionable report on FOX here, it's free.

TEGNA (NYSE:TGNA)

Spun out of Gannett in 2015, TEGNA (NYSE:TGNA) is a media company operating a network of television stations and digital platforms, focusing on local news and community content.

TEGNA reported revenues of $714.3 million, down 3.5% year on year, falling short of analysts' expectations by 0.6%. It was a solid quarter for the company, with an impressive beat of analysts' earnings estimates.

The stock is down 6.3% since the results and currently trades at $13.75.

Read our full, actionable report on TEGNA here, it's free.

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