Analysts are looking for media company E.W. Scripps to report a turnaround from a year ago when it releases its third quarter financial statement on Friday.
Scripps, the parent company of the Knoxville News Sentinel and the Memphis Commercial Appeal, is expected to report a profit of about 9 cents per share compared to a loss of 9 cents per share in the third quarter last year.
Revenues are projected to be up about 27 percent to $214 million for the quarter.
Wall Street expects media company E.W. Scripps to report a profit of 17 cents per share and a continued decline in revenue for the 2011 fourth quarter.
The parent company of the Knoxville News Sentinel and the Memphis Commercial Appeal plans to release its latest earnings report on Friday.
Scripps beat analyst expectations in the third quarter after missing in the previous two quarters.
Looking ahead, the company projects a strong increase in television revenue in 2012 due to increased political advertising and the recent acquisition of nine TV stations from McGraw-Hill Broadcasting Co.
Media company E.W. Scripps, parent of the News Sentinel, said it expects to see a sharp increase in TV revenue this year, while newspaper revenue should fall slightly.
Television revenue should jump 50 percent in 2012, due in part to increased political advertising and the recent acquisition of nine TV stations from McGraw-Hill Broadcasting Co., Cincinnati-based Scripps said in prepared remarks at the Noble Financial Equity Conference.
The Scripps National Spelling Bee has once again provided a boost to E.W. Scripps stock. With the finals of the 2011 Bee scheduled tonight the media company’s stock closed 21 cents higher this afternoon.
Coincidence? Maybe. But it seems that the media company’s stock always gets a bump from the bee. Scripps is the News Sentinel’s parent company.
Speaking of the Spelling Bee, I once covered the finals of the local bee in Louisville, Ky. Business First, the business journal I worked for in the early ’90s, had picked up sponsorship of the bee after the previous sponsor backed out.
Tune in online this afternoon and watch my corporate boss ring the closing bell at the New York Stock Exhange.
Rich Boehne, president and CEO of E. W. Scripps, parent company of the News Sentinel, is scheduled to ring the bell at 3:59 p.m. to celebrate the 20th anniversary of the company trading its stock.
Asking celebrities and corporate execs to ring the opening and closing bells is a relative young NYSE tradition, but it is considered quite an honor in the corporate world. It’s also interesting to see who the company sends to stand with the designated bell ringer.
Cincinnati-based Scripps operates 14 daily and community newspapers and 10 broadcast TV stations.
Photo: In this file photo E. W. Scripps President and CEO Rich Boehne speaks during a ceremony to mark the opening of the Scripps Convergence Lab at the University of Tennessee on Friday, Jan. 28, 2010. (News Sentinel/Amy Smotherman Burgess)