Tribune Media Q1 Profit Down

(RTTNews) - Tribune Media Co. (TRCO) reported that its net income for the first-quarter dropped to $36.42 million from the prior year's $41.07 million. On a per share basis, net income was $0.37, down from $0.41 in the previous year.

Earnings per common share from continuing operations for the first quarter of 2015 were $0.37 compared to $0.28 for the first quarter of 2014.

Consolidated operating revenues for the first quarter of 2015 were $472.7 million compared to $446.1 million in the first quarter of 2014, representing an increase of $26.6 million, or 6.0%. Revenues increased primarily as a result of the impact of 2014 acquisitions in the Digital and Data segment, as well as increased retransmission consent revenues and carriage fees in the Television and Entertainment segment, partially offset by decreased advertising revenues associated with airing the Super Bowl on 14 Fox-affiliated stations in 2014 versus two NBC-affiliated stations in 2015.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share and revenues of $474.91 million for the quarter. Analysts' estimates typically exclude special items.

For full year 2015, the company expects Adjusted EBITDA to be in the range of $480 million to $495 million, and net revenues of $2.00 billion to $2.03 billion. Wall Street expect revenues of $2.00 billion for fiscal 2015.

The company expects 2016 Consolidated Adjusted EBITDA year-over-year growth of greater than 30%.