Despite what Rich Boehne, Chairman, President and CEO of The E.W. Scripps Co., called “the headwinds of an uncommon presidential election combined with the short-term absence of some advertisers who avoided jockeying with political campaigns for airtime,” the owner of television and radio stations enjoyed a strong Q4 that beat the expectations of Wall Street analysts.
The company on Friday released its fourth quarter and FY2016 results, and for the last three months of 2016 Scripps swung to net income of $38.34 million (46 cents per share), from a net loss of $21.53 million (-25 cents per share) in Q4 2015.
The average EPS estimate of a trio of analysts surveyed by Zacks Investment Research was 44 cents.
Consolidated operating revenue improved to $272.69 million, from $204.8 million. This beat the estimates of the three analysts surveyed by Zacks of $270.7 million.