Tribune Media (NYSE: TRCO) on Friday reported better-than-expected earnings in the second quarter, even as revenues were in line with the analysts’ estimates. The media conglomerate said its consolidated operating revenues decreased 1% to $484.0 million driven by declines in political advertising revenues, which was almost in line with the street expectation of $484.9 million.
In the second quarter, Television and Entertainment advertising revenues fell 4% to $298.9 million
Meanwhile, adjusted income fell to 79 cents per share from 99 cents per share in the year-over period. The decline in bottom-line was primarily attributable to an increase in programming expense and a decrease in operating revenues.
TRCO shares were marginally down post the earnings announcement. The stock has gained 3% in the year-to-date period and 34% in the trailing 12 months.
CEO Peter Kern said, “Tribune Media’s second-quarter financial results were strong thanks to continued year-over-year growth in core advertising, digital advertising and retransmission revenues; all of which largely offset the anticipated decline in political advertising revenue during the quarter.”
The company added that it would not provide financial guidance or hold a conference call for the second quarter, in light of the previously announced merger agreement with Nexstar.