Salem misses earnings estimates for third quarter
Salem Media Group beat analyst revenue estimates but missed earnings per share estimates, according to third quarter earnings reported Nov. 7.
Salem Media Group, a Camarillo-based Christian and conservative radio operator, reported revenues of $71.3 million, up from $67.5 million in 2015, which topped analyst estimates by $2.5 million. Net income rose from $2.1 million last year to $2.2 million this year.
The company reported earnings per share of 8 cents, which missed analyst estimates by 4 cents.
Operating expenses increased 7.3 percent to $58.6 million, up from $54.7 million in the third quarter of 2015. Adjusted free cash flow decreased 2.9 percent from $7.1 million to $6.9 million.
Salem owns and operates 116 local radio stations that predominantly air Christian and conservative-themed radio shows. The company recently added Spanish and business stations and it expanded into investment newsletters last year to diversify its revenue stream.
Shares of the company have dipped about 10 percent over the past year but closed up 15 cents to $5.70 per share on Nov. 7.
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