Sinclair Broadcast reports Q2 EPS 27c, consensus (13c)

Reports Q2 revenue $829M, consensus $836.51M. “Sinclair delivered solid second-quarter results, meeting our guidance expectations across major financial metrics, including a $105 million monetization of an investment in our Ventures portfolio,” commented Chris Ripley, Sinclair’s President and Chief Executive Officer. “Total advertising revenue was up 11% year-over-year and distribution revenues grew by 4%. With almost 60% of our Big 4 subscribers still to be renewed this year, we are confident in our ability to grow net retrans in line with our 2-year CAGR estimates. As we enter the second half of the year, we are buoyed by strong momentum and multiple cash flow drivers. Political advertising revenue is on track to be our largest ever, with expected double-digit growth rates over the 2020 presidential election year. Coupled with growth in distribution revenues, and continued strength in core advertising trends, we are well-positioned for a robust finish to the year.”