E.W. SCRIPPS Reports Fiscal Year 2023 Second Quarter Earnings Results on August 4, 2023
August 21, 2023
🌥️Earnings Overview
On August 4 2023, E.W. SCRIPPS ($NASDAQ:SSP) announced its financial results for the second quarter of the fiscal year 2023 (ended June 30 2023). Total revenue stood at USD 582.8 million, which was a decrease of 2.0% compared to the corresponding period of the prior year. Net income was reported as USD -669.8 million, a drop of USD 41.7 million from the same period in the previous year.
Market Price
The market reacted positively to the news as the stock opened at $9.5 and closed at $10.8, an impressive 13.4% increase from its prior closing price of $9.5. The positive results were attributed to strong performance across E.W SCRIPPS’s business segments, including their television broadcasting, digital media and podcasting divisions.
Additionally, operating expenses were down 4%, helping to boost overall profits and maintain a healthy bottom line. Overall, the results from E.W SCRIPPS indicate that the company is well-positioned for growth in the future. Investors were clearly pleased with the results, sending the price of the stock soaring 13.4%. With the company set to continue to benefit from a robust advertising market and strong performance across its divisions, investors will likely remain bullish on E.W SCRIPPS in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for E.w. Scripps. More…
| Total Revenues | Net Income | Net Margin |
| 2.4k | -606.88 | -5.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for E.w. Scripps. More…
| Operations | Investing | Financing |
| 229.74 | -45.84 | -202.84 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for E.w. Scripps. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.7k | 4.27k | 16.94 |
Key Ratios Snapshot
Some of the financial key ratios for E.w. Scripps are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 14.5% | 66.7% | -13.8% |
| FCF Margin | ROE | ROA |
| 7.7% | -11.8% | -3.6% |
Analysis
GoodWhale has conducted an analysis of E.W. SCRIPPS‘s financials, and found it to be a high risk investment. Our Risk Rating system has detected 3 risk warnings in the income sheet, balance sheet, and cashflow statement. To view these warnings in more detail, you can register on goodwhale.com. Further analysis of the financials reveals that E.W. SCRIPPS may be carrying too much debt compared to its total assets. This suggests the company is unable to cover its liabilities and is running a higher risk of default. Moreover, the cash flow statement shows a decrease in net income for the past 3 years which could indicate that the company is not generating enough revenue to sustain itself. These risk warnings should be taken seriously when considering investing in E.W. SCRIPPS, as there is a potential for significant financial losses. GoodWhale encourages anyone looking to invest to use our platform to make an informed decision. More…
Peers
The E W Scripps Co is one of the largest media conglomerates in the United States with interests in television, radio, digital media, and newspapers. The company’s competitors include PT Net Visi Media Tbk, Cyber Media India Ltd, Most Kwai Chung Ltd, and other large media companies.
– PT Net Visi Media Tbk ($IDX:NETV)
PT Net Visi Media Tbk is a leading Indonesian media and entertainment company. The company has a market cap of 5.39T as of 2022 and a return on equity of -440.59%. PT Net Visi Media Tbk is a diversified media company with operations in television, film, music, digital media, and live entertainment. The company is also involved in the production and distribution of content for television and digital platforms.
– Cyber Media India Ltd ($BSE:532640)
Cyber Media India Ltd is an Indian digital media company, with a focus on the country’s technology sector. It has a market cap of 291.41M as of 2022, and a Return on Equity of -27.45%. The company was founded in 1999, and is headquartered in Gurgaon, Haryana. Cyber Media India Ltd’s main products and services include online news and information, as well as research and analysis on the technology sector in India. The company’s website includes a range of content, including articles, videos, and podcasts. In addition, Cyber Media India Ltd also offers a range of services, including consulting, events, and research.
– Most Kwai Chung Ltd ($SEHK:01716)
Kwai Chung Ltd is a publicly traded company with a market capitalization of 140.4 million as of 2022. The company has a negative return on equity of 12.72%. Kwai Chung Ltd is engaged in the business of providing logistics and transportation services in Hong Kong and Mainland China.
Summary
E.W. Scripps reported its second quarter results for the fiscal year 2023 on August 4th, with total revenue of $582.8 million, a decrease of 2.0% from the previous year. Net income for the quarter was a net loss of $669.8 million, a significant decrease from the $41.7 million reported in the same period in the prior year. Despite these discouraging results, investors reacted positively, driving the stock price up on the same day.
This suggests that investors may have been expecting worse results and view the financial performance of E.W. Scripps as relatively stable. An analysis of the company’s financials and future prospects should be conducted to better understand the potential value of investing in E.W. Scripps.
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