The E.W. Scripps Company (SSP) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2024 results, with Q4 revenue at $728 million (up 18% year-over-year) and significant leverage reduction, especially in the Scripps Networks division.

• Net income attributable to shareholders was $80.3 million ($0.92 per share) in Q4, reversing a $268 million loss in Q4 2023.

• Full-year 2024 revenue reached $2.51 billion, up from $2.29 billion in 2023; net income for the year was $87.6 million.

• Completed major debt refinancing, reducing net leverage to 4.8x from 5.7x at year-end 2023.

• Record political advertising revenue, up nearly 30% from the previous presidential election year, with over 80% from six states.

Financial highlights

• Q4 local media revenue up 34% year-over-year to $511 million, driven by $174 million in political advertising.

• Full-year political advertising revenue reached $343 million.

• Q4 core advertising down 11% year-over-year; local distribution revenue down 5%.

• Scripps Networks Q4 revenue was $216 million, down 6% year-over-year; connected TV revenue up 16%.

• Q4 income attributable to shareholders was $80 million or $0.92 per share, including a $19 million gain from asset sales and $29.9 million in restructuring charges.

Outlook and guidance

• Q1 2025 local media revenue expected down high single digits, core revenue down low to mid-single digits, and expenses up low single digits.

• Scripps Networks Q1 revenue expected down mid-single digits, expenses down mid-teens percent.

• 2025 guidance: cash interest $175–$185 million, cash taxes $25–$30 million, capex $55–$60 million, D&A $150–$160 million.

• Networks division margin targeted to improve by 400–600 basis points in 2025.

• No material EdgeBeam Wireless revenue expected in 2025, but significant long-term potential.