RadioBDC Logo
Kathleen | Catfish and the Bottlemen Listen Live
THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING

Sinclair 1Q net income beats Street

May 2, 2012
Text size +
  • E-mail
  • E-mail this article

    Invalid E-mail address
    Invalid E-mail address

    Sending your article

    Your article has been sent.

BALTIMORE—TV station operator Sinclair Broadcast Group Inc. said Wednesday that its first-quarter net income nearly doubled as it integrated newly acquired TV stations and its local advertising revenue grew.

Net income rose to $29.4 million, or 36 cents per share, from $15.3 million, or 19 cents per share, a year ago.

That beat the 33 cents per share expected by analysts polled by FactSet.

Revenue rose 23 percent to $224 million from $183 million a year ago. That also beat the $221 million expected by analysts.

Existing Sinclair stations increased core net broadcast revenue 9.2 percent when excluding political and Super Bowl revenue.

In January, Sinclair completed the $200 million acquisition of Four Points Media's seven TV stations. After the first quarter ended, in April, it bought eight TV stations from Freedom Communications for $385 million. Sinclair now owns, operates, programs or provides sales services to 74 TV stations in 45 markets.

For a key metric known as net broadcast revenue from continuing operations before bartered commercial time, Sinclair said it expects that to range from $211.2 million to $212.2 million in the current quarter, with barter revenue of $24.2 million.

Shares were up 19 cents, or 1.8 percent, at $10.51 in afternoon trading Wednesday.

  • E-mail
  • E-mail this article

    Invalid E-mail address
    Invalid E-mail address

    Sending your article

    Your article has been sent.