Salem Media beats revenue estimates but misses on earnings per share
Salem Media Group beat analyst revenue estimates but missed earnings per share estimates when it reported first quarter earnings May 4.
Salem Media Group, a Camarillo-based Christian and conservative radio operator, reported revenues of $64.6 million, up from $61.9 million in 2015, which topped analyst estimates of $63.43 million, according to S&P Capital IQ. Net income rose from $295,000 last year to $353,000 this year.
Earnings per share of a penny matched earnings per share during last year’s first quarter, but fell slightly below analyst estimates of 3 cents per share.
On April 4, Salem acquired RetirementWatch.com and the Retirement Watch newsletter. Retirement Watch offers independent research and advice about retirement planning. The site provides information about the financial aspects of retirement planning: investments, Social Security and estate planning, among others.
Salem owns and operates 116 local radio stations. Most air Christian and conservative-themed radio shows, but recently the company has expanded into Spanish and business stations. Last July, the company expanded into investment newsletters to diversify its revenue stream.
Shares of the company have risen 49 percent since the beginning of the year and closed May 4 at $7.40 per share.
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