Sinclair Q2 Profit Soars; Ups Dividend By 10% - Quick Facts

(RTTNews) - Sinclair Broadcast Group, Inc. (SBGI) Wednesday reported a surge in its second-quarter net earnings to $41.3 million from $17.8 million in the prior year period. Earnings per share rose to $0.42 from $0.19 a year ago.

On average, 6 analysts polled by Thomson Reuters expected the company to report profit per share of $0.36 for the quarter. Analysts' estimates typically exclude special items.

Total revenues improved to $455.13 million from $314.15 million, with net broadcast revenues from continuing operations climbing 44.7 percent to $404.2 million from $279.3 million in the prior year period. Analysts estimated revenue of $440.56 million.

David Smith, President and CEO of Sinclair commented : "We are excited to report better than expected second quarter results on stronger core advertising and digital interactive revenues, as well as lower television operating expenses,"

The board increased the quarterly cash dividend by 10 percent to $0.165 from $0.15. The dividend will be payable on September 15.

Looking ahead, for the third quarter, the company expects to achieve net broadcast revenues from continuing operations, before barter, nearly in the range of $407.0 million - $409.6 million. Capital expenditures are expected to be about $26.5 million, which includes ASN capital requirements.