Contact: Lucy Rutishauser, SVP Chief Financial Officer
SINCLAIR REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
- INCREASES REVENUE COMPARED TO PRIOR YEAR
- REPORTS $0.42 DILUTED EARNINGS PER SHARE
- DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE
BALTIMORE (May 9, 2018) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months ended March 31, 2018.
“Our first quarter came in well ahead of guidance in all key financial metrics,” commented Chris Ripley, President and Chief Executive Officer. “As expected and reflected in our first quarter guidance, advertising revenue was soft largely due to the lack of Olympics and Super Bowl on many of our stations and with the auto category coming off its recent highs from last year. Fortunately, our distribution revenues now make up approximately half our media revenues which makes our business model very resilient to ad market volatility. Furthermore, growth and initiative advances in digital, network, programmatic and addressable advertising are showing results and becoming larger contributors. Lastly, our acquisition of Tribune Media is now approaching the final stages with an anticipated closing in late second quarter/early third quarter of 2018, as we await governmental approvals.”
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