Milwaukee-based Journal Communications Inc. today reported fourth quarter earnings that exceeded analyst estimates.
Revenue at the media company, which is currently in the process of merging with and spinning off from The E.W. Scripps Co., was driven higher by television and radio. Quarterly revenue was $122 million, up 14 percent from $107.4 million in the fourth quarter of 2013.
Fourth quarter net income was $15.6 million, or 31 cents per share, up from $11.3 million, or 22 cents per share, in the fourth quarter of 2013.
Operating income was $28.2 million for the quarter, up 41 percent from $19.9 million in the same period a year ago.
Journal Communications switched its fiscal year to a calendar year effective in the fourth quarter, which added three days in the fourth quarter and full year.
Television revenue was up 33 percent in the fourth quarter, driven by political and issue ads and retransmission agreements. Radio revenue increased 8 percent in the quarter, driven by political and automotive revenue. And publishing revenue declined by 4 percent in the fourth quarter, partially due to $2 million in workforce reduction charges.
“Journal Communications delivered a solid fourth quarter,” said Steven Smith, chairman and chief executive officer. “Results were driven by political and issue advertising, gains in retransmission revenue and local revenue growth in radio. Consolidated revenue of $122 million was up 13.6 percent compared to 2013, though up 11.1 percent excluding the change in our fiscal year in 2014.”
For the full year, Journal Communications reported net income of $45.2 million, or 89 cents per share, up from $26.2 million in 2013.
Full-year operating income totaled $71.7 million, up 40 percent from $51.3 million last year.
And 2014 revenue was $428.4 million, up 8 percent from $397.3 million in 2013.
