Sinclair Broadcast Q3 Profit Spikes

(RTTNews) - Sinclair Broadcast Group, Inc.(SBGI), Wednesday reported an increase in its third-quarter earnings, backed by higher revenues

Net income attributable to the company was $36.3 million or $0.36 per share, compared with $26.2 million or $0.32 per share last year. The net income includes income of $6.1 million from discontinued operations, compared with loss of $0.12 million last year.

On average, six analysts polled by Thomson Reuters expected the company to report earnings per share of $0.24 quarter. Analysts' estimates typically exclude one-time items.

Total revenues were $338.6 million, compared with $258.7 million a year ago. Analysts expected the company to generate revenues of $318.95 million for the quarter. Net broadcast revenues from continuing operations increased 34.7 percent to $303 million, versus $225 million last year.

For the fourth-quarter, net broadcast revenues from continuing operations, before barter, are expected to be about $368.1 million to $372.1 million. For the full-year, net broadcast revenues from continuing operations, before barter, are expected to be about $1.203 billion to $1.207 billion.

Separately, the company said its Board declared a quarterly cash dividend of $0.15 per share on the Company's Class A and Class B common stock, payable on December 13 to shareholders of record on November 29.