Scripps posts 2nd quarter profit on upbeat TV ad sales

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TV station and newspaper owner The E.W. Scripps Co., which owns the Naples Daily News, said Tuesday it posted a second-quarter profit, thanks to better-than-expected TV advertising revenue and the acquisition of several stations.

Net income came to $5.4 million, or 9 cents per share, reversing a loss of $2.2 million, or 4 cents per share, a year ago.

Revenue rose 19 percent to $216.9 million from $183.0 million.

"We had a promising second quarter, setting us up for good performance in the second half of the year," said Rich Boehne, Scripps president and CEO.

"A series of decisions and investments made in recent years prepared us to capitalize on the early surge of political advertising, and investments in local news content, more-relevant syndicated shows and digital products have created great environments for increased revenue."

Analysts polled by FactSet were looking for earnings of 10 cents per share on revenue of $207.3 million.

Television revenue rose 52 percent to $117.1 million thanks to higher revenue from political and other ads and the acquisition of TV stations in Indianapolis, Denver, San Diego and Bakersfield, Calif.

Newspaper revenue fell 5 percent to $97.2 million as both advertising and circulation revenue fell.

For the full year, the company said it expects television revenue of $470 million to $485 million, newspaper revenue of $400 million and syndication and other revenue of $10 million. Combined, the forecast annual revenue of $880 million to $895 million exceeds the $873 million expected by analysts.

Scripps Co.'s stock rose 22 cents, or 2.3 percent, to $9.84 in afternoon trading.

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