Tribune Media: 2Q Earnings Snapshot
CHICAGO (AP) _ Tribune Media Co. (TRCO) on Thursday reported second-quarter net income of $84.4 million, after reporting a loss in the same period a year earlier.
The Chicago-based company said it had profit of 96 cents per share. Earnings, adjusted for non-recurring costs and severance costs, came to 99 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The operator of the WGN America network and local TV stations posted revenue of $489.4 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $484.3 million.
Tribune Media shares have fallen 21 percent since the beginning of the year. The stock has decreased 18 percent in the last 12 months.