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Tribune Media Company Reports First Quarter 2019 Results
NEW YORK, May 10, 2019 Tribune Media Company (NYSE: TRCO) (the Company) today reported its results for the three months ended March 31, 2019.
FIRST QUARTER 2019 FINANCIAL HIGHLIGHTS (compared to first quarter 2018)
Consolidated operating revenues increased 3% to $455.0 million
Consolidated operating expenses increased to $400.3 million compared to $256.4 million for the first quarter of 2018 as the prior year period included a net pretax gain on the sales of spectrum of $133 million. Excluding the gain on sales of spectrum, consolidated operating expenses increased 3%, or $10.7 million, primarily due to higher network affiliate fees.
Consolidated operating profit decreased to $54.7 million compared to $187.3 million for the first quarter of 2018 primarily due to the absence of the net pretax gain on the sales of spectrum
Consolidated Adjusted EBITDA decreased 6% to $112.5 million
Television and Entertainment advertising revenues were $269.9 million, which was flat compared to the first quarter of 2018
Core advertising revenues (which exclude political and digital revenues) increased 1% to $247.7 million
Net political advertising revenues were $4.1 million for the first quarter of 2019 compared to $9.3 million for the first quarter of 2018
Retransmission and carriage fee revenues increased 9% to $174 million
Cash distributions from TV Food Network were $153.1 million
Closed on the sale of the Companys 5% ownership interest in the parent company of the Chicago Cubs Major League Baseball franchise
The first quarter of 2019 continued the positive momentum established by Tribune Media in the second half of last year, with the company again reporting solid financial results, said Peter Kern, Tribune Medias chief executive officer. Core advertising continues to be stable, growing year-over-year compared to Q1 2018, and we expect the second quarter to remain consistent with that trend. Excluding the gain on the sales of spectrum in 2018, first quarter consolidated expenses increased in line with our expectations, due primarily to last years renewal of our network affiliation agreements with FOX. Importantly, all other remaining expenses in total were down compared to the same time period last year, reflecting our ongoing commitment to containing costs. TV Food Network continues to be a strong performer, delivering robust cash distributions and equity results for us.
The following information was filed by Tribune Media Co (TRCO) on Friday, May 10, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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