SBGI - Why Sinclair Stock Was Soaring Today
2024-05-09 17:36:00 ET
Shares of Sinclair (NASDAQ: SBGI) were moving higher after the local broadcasting group posted strong results on the bottom line in its first-quarter earnings report. Later in Thursday's session, CNBC reported that the company was considering selling about 30% of its broadcast stations.
Sinclair, which owns or has relationships with 185 television stations in 86 markets including all three major broadcast networks, said that revenue in its first quarter ticked up 3% to $798 million, which was just shy of estimates of $801.3 million. Advertising revenue in the quarter rose 4% to $321 million, though ad revenue was down 4% excluding political ads. Distribution revenue increased by 2% to $436 million.
That growth translated into adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) increasing 13% to $136 million. This is a sign that Sinclair's mix of local broadcasting, regional sports, and streaming news content continues to deliver results.
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Why Sinclair Stock Was Soaring Today