Scripps Q4 revenue up 9.4% to $681M; segment profit jumps 21%; restructuring for $40M savings

E.W. SCRIPPS Co

2022-FY EPS reported $1.62 revenue$2,453,215,000

Q4 net income $73M ($0.84/share) vs $40.2M ($0.43) a year ago; political revenue $106M vs $11M.
Local Media segment profit $152M (+85% YoY); Scripps Networks profit $80M (-25% YoY) on ad softness.
Reorganization to save at least $40M/year; Lisa Knutson promoted to COO; Scripps Sports launched under Brian Lawlor.
Full-year 2022 political revenue record $208M; distribution revenue $655M; CTV revenue grew ~40%, expects >$100M in 2023.
Q1 2023 guidance: Local Media revenue down mid-single-digit %, Scripps Networks revenue down high-single-digit %.

item 2.02 item 9.01 item 99.1

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

E.W. SCRIPPS Co reported the fourth quarter of 2022 results: revenue $681 million, net income $73 million, EPS 84 cents per share.

Period: the fourth quarter of 2022
Revenue: $681 million
Net income: $73 million
EPS: 84 cents per share
Result: reported results

Exact text from the filing

Total fourth-quarter company revenue was $681 million, an increase of 9.4% or $58.7 million from the prior-year quarter due to higher political and distribution revenue in our Local Media division. Costs and expenses for segments, shared services and corporate were $477 million, up from $454 million in the year-ago quarter. Income attributable to the shareholders of Scripps was $73 million or 84 cents per share.

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Source: SEC EDGAR

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