Sinclair Broadcast beats by $0.09, beats on revs; guides Q4 revs above consensus; guides FY18 revs above consensus; Increases dividend to $0.20
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Reports Q3 (Sep) earnings of $0.62 per share, excluding non-recurring items, $0.09 better than the S&P Capital IQ Consensus of $0.53; revenues rose 18.9% year/year to $766.3 mln vs the $752.56 mln S&P Capital IQ Consensus.
- 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.
- Co issues upside guidance for Q4, sees Q4 revs of $870-882 mln vs. $804.29 mln S&P Capital IQ Consensus.
- Co issues upside guidance for FY18, sees FY18 revs of $3.032-2.054 mln vs. $2.96 bln S&P Capital IQ Consensu