Scripps Beats Despite Ads – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19989/Scripps+Beats+Despite+Ads+-+Zacks+Tale+of+the+TapePosted on Friday, May 8th, 2009 | In Market Commentary, Stocks to Watch
Despite lackluster advertising income, Scripps Networks Interactive Inc. (SNI) edged past the consensus by a penny to 37 cents per share in its first quarter.
Revenues for the electronic media company declined 7% to $361 million on weak performances by its Shopzilla and uSwitch shopping subsidiaries.
Going forward, Scripps expects, “advertising revenue to continue to be under pressure, at least through the first half, due to the ongoing effects of the current economic recession.”
Analysts have reduced full-year earnings estimates by 3 cents over the past 2 months to $1.55 per share.
SNI, a Zacks #3 Rank (”Hold”) stock, has declined approximately 2.5% today on volume of approximately 414,000, compared to average volume of about 794,000.
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