Media, broadcasting, and digital services company E.W. Scripps (NASDAQ:SSP) will be reporting earnings tomorrow after market hours. Here's what investors should know.
E.W. Scripps missed analysts' revenue expectations by 1.3% last quarter, reporting revenues of $561.5 million, up 6.4% year on year. 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.
Is E.W. Scripps a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting E.W. Scripps's revenue to be flat year on year at $585.4 million, improving from the 2% decrease it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. E.W. Scripps has missed Wall Street's revenue estimates five times over the last two years.
Looking at E.W. Scripps's peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. FOX delivered year-on-year revenue growth of 2%, meeting analysts' expectations, and Rush Street Interactive reported revenues up 33.5%, topping estimates by 9.4%. Rush Street Interactive traded up 7.9% following the results.
Read our full analysis of FOX's results here and Rush Street Interactive's results here.
Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices up 1.5% on average over the last month. E.W. Scripps is up 21.4% during the same time and is heading into earnings with an average analyst price target of $9.6 (compared to the current share price of $3.35).
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