“Near the end of the first quarter, the global COVID-19 pandemic began to significantly impact the U.S. economy, and the company’s first-quarter financial results have been affected by these conditions.”
That statement may as well be boilerplate language for any company reporting its Q1 2020 earnings. In this case, it appeared in the opening paragraph of The E.W. Scripps Co.‘s detailed first-quarter earnings report.
How did Scripps do in a time period that saw it reach a multi-year agreement with Nielsen for measurement services as those in the C-Suite took temporary coronavirus-fueled pay cuts and put the money into an employee assistance fund?
Total revenue was up. But, Scripps’ net loss widened.
One should look at the segment profit and revenue breakouts, however, to get a full sense of the strong Q1 Scripps had.