2024 Year End Earnings Report Released by Saga
Saga Communications, Inc. released its 2024 year-end earnings report, showing a slight decrease in net revenue. The company reported a 1.3% decrease in net revenue to $28.8 million for the quarter ending December 31, 2024, compared to $29.1 million for the same period the previous year. This decline was accompanied by a 4.1% increase in station operating expenses, reaching $24.3 million for the quarter. Operating income also saw a significant drop, amounting to $984 thousand for the quarter, a decrease from $2.8 million in the same quarter of the previous year. Station operating income, a non-GAAP financial measure, decreased by 17.2% to $5.9 million. Capital expenditures for the quarter totaled $600 thousand, down from $1.0 million in the same period last year. Net income for the quarter was $1.3 million, a decrease from $2.5 million in the fourth quarter of 2023, with diluted earnings per share at $0.20 for the fourth quarter of 2024.
When examining the same station basis for the quarter ended December 31, 2024, net revenue saw a 3.9% decrease to $28.0 million, while station operating expenses increased by 0.7% to $23.5 million. Operating income took a significant dive, plummeting by 63.0% to $1.0 million.
For the full twelve-month period ending December 31, 2024, net revenue showed a 2.2% decrease to $110.3 million, down from $112.8 million for the same period the previous year. Station operating expenses for the twelve-month period increased by 4.5% to $94.3 million. Operating income for the twelve-month period was calculated at $2.4 million, a notable decrease from $11.5 million the previous year.
The 2024 year-end earnings report indicates a challenging financial performance for Saga Communications. The decline in net revenue and operating income, along with the increase in station operating expenses, point to a tough year for the company. Despite these challenges, Saga Communications remains focused on strategic financial management and is committed to navigating the changing landscape of the broadcasting industry.
As we move forward into 2025, the company will continue to assess market conditions, explore new opportunities for growth, and adapt to the evolving needs of its audience. Saga Communications’ dedication to delivering quality content and maintaining its position as a leader in the radio broadcasting industry remains unwavering, and the company is optimistic about its prospects for the future.
