The E.W. Scripps Company reported a record $646 million in total revenue for the third quarter of 2024, marking a 14% increase from the prior-year quarter. This growth was primarily fueled by record political advertising revenue, which came in nearly 30% higher than the last presidential-election year.
Income attributable to shareholders was $33 million, or 37 cents per share, compared to a loss of $16.2 million, or 19 cents per share, in the same period last year. The company's leverage ratio decreased from 6.0x in the second quarter to 5.1x at the end of the third quarter, with expectations to reach the high-4x range by year-end 2024.
The Local Media segment's revenue increased by 26% to $446 million, with segment profit reaching $161 million, up from $75 million in the prior-year quarter. The Scripps Networks segment saw revenue decrease by 6.4% to $202 million, with segment profit at $42.1 million, down from $49.7 million.
For the fourth quarter of 2024, Local Media revenue is projected to be up in the low-to-mid 30% range, while Scripps Networks revenue is expected to be down in the mid-single-digit range. The company anticipates a Scripps Networks margin improvement of at least 400-600 basis points in 2025, driven by continued expense management.
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