Tribune Media Company (NYSE: TRCO) came out with third-quarter earnings Friday.
The company reported consolidated operating revenues increased 11% to $498.0 million (increased 12% excluding third quarter 2017 barter revenues, which are no longer recognized in 2018). Consolidated operating profit was $37.1 million compared to an operating loss of $29.5 million for the third quarter of 2017
Consolidated Adjusted EBITDA increased 14% to $136.8 million
Net income attributable to Tribune Media Company was $54.1 million in the third quarter of 2018 compared to a net loss attributable to Tribune Media Company of $18.7 million in the third quarter of 2017.
CEO Peter Kern said "We drove share gains in political and core advertising along with reaping the benefits of unprecedented political spending and stronger core advertising in our markets. Net of displacement, we estimate core advertising growth would have been in positive territory for the quarter, which is a significant improvement compared to the first half of the year.
“This robust advertising performance along with continued growth in retransmission and carriage fees and diligent focus on costs produced a terrific third quarter. We are proud of the work our teams have done during this time, and we look forward to a strong finish to the year."
On Thursday, the Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.25per share to be paid on December 4, to holders of record of the Company's common stock and warrants as of November 19.
Shares gained 79 cents, or 2%, to $39.71
