Contact: Lucy Rutishauser, SVP Chief Financial Officer
(410) 568-1500 SINCLAIR REPORTS THIRD QUARTER 2018 FINANCIAL RESULTS• INCREASES TOTAL REVENUE BY 19% COMPARED TO PRIOR YEAR• INCREASES QUARTERLY DIVIDEND PER SHARE TO $0.20
BALTIMORE (November 7, 2018) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and nine months ended September 30, 2018.
“Third quarter results came in ahead of guidance in all key financial metrics, and we expect to close out this year ahead of revenue and cash flow expectations, further improving the strongest balance sheet in our company’s history,” commented Chris Ripley, President and Chief Executive Officer. “Further driving value, we repurchased 5% of our total shares outstanding since the Board approved an additional $1 billion share buyback authorization last quarter. Looking ahead to the fourth quarter, we just finished what is the biggest mid-term political advertising year in our Company’s history with political advertising expected to be over 60% higher than the 2014 mid-term election cycle and over 20% higher than the 2016 presidential election year, based on our current portfolio. As a result of the growth in political revenue this year, our Board has approved increasing our quarterly dividend per share from $0.18 to $0.20. The strength of political reconfirms that television remains the dominant and premium platform for consumer messaging and building brand awareness, and this year has certainly given us good reason to expect that 2020 will be even stronger.”
Read more…3Q18 Press Release FINAL