- Sinclair Broadcast Group (SBGI +2.1%) is up after doubling net income on revenues that grew nearly 19%, with no small amount of help from political ad season.
- Operating income rose 53% to $157.8M amid contained expense growth, and a swing to an income tax benefit raised attributable net income to $63.9M from $30.6M.
- Results beat company guidance in all key metrics, and "We expect to close out this year ahead of revenue and cash flow expectations, further improving the strongest balance sheet in our company's history," says CEO Chris Ripley.
- Revenue breakout: Media, $730.4M (up 16%); Non-media, $35.9M (up 140%).
- For Q4, it's guiding to revenues of $870M-$882M, with media revenues growing 20.5%-22.2%. That includes assumptions for $145M-$148M in political revenues (vs. $16M a year ago) and $339M in distribution revenues (vs. year-ago $300M).
- For the full year, media revenues are forecast to grow 13.2%-13.6%, with nonmedia revenues of about $127M.
- Previously: Sinclair Broadcast beats by $0.07, beats on revenue (Nov. 07 2018)
- Press release
- Now read: Planet Fitness +16% on strong sales growth
Original article