Sinclair stock up 1.4% after earnings beat, increase in quarterly dividend
Shares of Sinclair Broadcast Group were up 1.4% in Wednesday premarket trade after the company reported third-quarter earnings that beat expectations and increased its quarterly cash dividend to 20 cents from 18 cents. Profit for the latest quarter rose to $63.9 million, or 62 cents a share, up from $30.6 million, or 30 cents a share, in the year-ago quarter. The FactSet consensus was 55 cents a share. Factoring into Sinclair's profit were $18 million in ticking fee costs related to the financing commitments for the terminated acquisition of Tribune Media Co. , the company said. Revenue was $766.3 million, beating the FactSet consensus of $752.6 million and up from $644.5 million a year ago. Media revenue was $730.4 million, up from $629.6 million one year ago, while non-media revenue was $35.9 million, up from $14.9 million one year ago. The company expects full-year media revenue between $2.905 billion and $2.917 billion. Shares of Sinclair have fallen 19.2% in the year to date, while the S&P 500 has gained 3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.