Lin TV issues 3Q sales outlook below estimates
PROVIDENCE, R.I.—
The company expects total revenue in the quarter to range between $97 million and $99.5 million. This represents an increase of 3.5 percent to 6.2 percent over revenue of $93.7 million in the third quarter of last year.
Analysts polled by Thomson Financial, on average, anticipate sales of $103.7 million in the third quarter.
The increase reflects projected political advertising sales and digital revenue growth, the company said. Lin TV, however, expects a continued decline in local and national advertising spending, based on the current market environment and the pacing of sales orders.
Shares rose 86 cents, or 14 percent, to $6.84 in morning trading. Shares have traded between $4.52 and $15 in the past 12 months.
