Tribune Media’s first-quarter 2016 earnings dropped from the prior year to an adjusted 18 cents per share, nearly a dime shy of Wall Street’s 27-cent forecast. Q1 2015 had marked 40 cents in adjusted earnings per share (EPS), setting the company up for a hefty decline.
But revenue grew by 10.1 percent this time around to $520.5 million, besting media analysts forecasts at the company’s top line. Tribune’s Television and Entertainment arm increased sales by 11 percent, thanks to political advertising, as well as carriage and retransmission fees. Digital and data revenue rose as well, though at more modest levels.