Ad Sales Lift Scripps' Spirits

E.W. Scripps ( SSP) said Wednesday that it expects second-quarter earnings to come in at the higher end of its previously announced guidance and in line with analysts' estimates thanks to strong advertising sales in April and May.

The company expects to earn 73 cents to 83 cents a share during the quarter. Analysts expect 82 cents a share, on average. Scripps earned 33 cents a share in the previous-year quarter, including items. Excluding items, the company earned 76 cents a share.

The company also said May consolidated revenue, including Shop At Home Network, increased 9.4% to $163 million. Excluding Shop At Home, consolidated May revenue rose 9.3%.

Scripps said its fastest growing division during May was Scripps Networks, growing 30% during May to $49.3 million. Advertising revenue at Scripps Network jumped 32%. Scripps Networks includes the company's portfolio of national programming services -- Home & Garden Television, Food Network and Fine Living.

The media company's May newspaper revenue was $58 million, up 0.9%. Local revenue fell 6.4% to $13.9 million, while classified revenue was up 5% to $18.5 million.

Shares of the company were down 29 cents at $87.72 on the New York Stock Exchange.

More from Stocks

Tyson Foods CEO: We Aren't Done Making Deals

Tyson Foods CEO: We Aren't Done Making Deals

The Single Biggest Reason Trade War Fears Could Finally Topple the Stock Market

The Single Biggest Reason Trade War Fears Could Finally Topple the Stock Market

Stocks Dive Globally as U.S.-China Trade War Intensifies

Stocks Dive Globally as U.S.-China Trade War Intensifies

5 Stock Picks Under $10 for Millennials

5 Stock Picks Under $10 for Millennials

China Trade War, Google, JD.com, Tesla, Brooks Koepka - 5 Things You Must Know

China Trade War, Google, JD.com, Tesla, Brooks Koepka - 5 Things You Must Know