Newspaper publisher E.W. Scripps Co. said Wednesday its first-quarter profit declined 9 percent from diminished advertising at its newspaper, television and interactive-media businesses.
Net income fell to $68.5 million (?50.4 million), or 42 cents per share, versus $75.1 million, or 45 cents per share, a year ago. On a continuing-operations basis, the company said it earned 39 cents per share in the most recent quarter.
Analysts polled by Thomson Financial were looking for earnings of 36 per share.
Quarterly revenue rose 2 percent to $601.4 million (?442.8 million) from $589.7 million in the previous year. Consensus estimates put sales at $609.7 million (?448.9 million).
The decline at local newspapers was fueled by a weak newspaper advertising environment, particularly in Florida. Scripps’ television station group was hurt by difficult year-over-year comparisons, as the prior-year period benefited from political, Olympics and Super Bowl-related advertising sales.