Tribune Media Company (NYSE: TRCO) reported better-than-expected revenue and earnings for the first quarter of 2019.
Consolidated operating revenues grew 3% year-over-year to $455 million, mainly due to higher retransmission revenues.
Net income attributable to Tribune Media Company was $113.2 million, or $1.27 per share, compared to $141.2 million, or $1.60 per share, in the year-ago period. Adjusted EPS grew to $0.60 from $0.51 last year.
Consolidated adjusted EBITDA decreased 6% to $112.5 million, mainly due to higher programming expense at Television and Entertainment.
Television and Entertainment revenues rose 3% year-over-year to $453.4 million, driven by a 12% growth in retransmission revenues and a 1% increase in core advertising revenue. Core advertising revenues totaled $247.7 million in the quarter.
Television and Entertainment advertising revenues remained flat at $269.9 million compared to last year. Net political advertising revenues dropped to $4.1 million in the first quarter from $9.3 million in the year-ago period. Retransmission and carriage fee revenues were $174 million, up 9% year-over-year.
Real estate revenues decreased 47% to $1.6 million, mainly due to the loss of revenue from real estate properties sold during 2018.
On May 1, 2019, the Board of Directors declared a quarterly cash dividend of $0.25 per common share, payable on June 4, 2019 to holders of record as of May 20, 2019.
Tribune’s stock has risen over 2% so far this year.
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