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Mar 31, 2024
Sinclair Q1 2024 Earnings Report
Sinclair reported solid first quarter results, meeting guidance expectations in its local media segment and exceeding Adjusted EBITDA expectations at Tennis Channel.
Key Takeaways
Sinclair's total revenues increased by 3% to $798 million. The company settled all Diamond Sports Group, LLC (DSG) related outstanding litigation claims and launched NextGen data solutions platform, Broadspan.
Total revenues increased 3% to $798 million.
Media revenues increased 3% to $792 million.
Adjusted EBITDA increased 13% to $136 million.
Diluted earnings per common share was $0.35.
Revenue by Segment
Forward Guidance
The Company currently expects to achieve the following results for the three months ending June 30, 2024 and the twelve months ending December 31, 2024.
Positive Outlook
- Core advertising revenue is expected to be $294 million to $304 million in Local Media.
- Core advertising revenue is expected to be $16 million in Tennis.
- Core advertising revenue is expected to be $8 million in Other.
- Political advertising revenue is expected to be $29 million to $35 million.
- Distribution revenue is expected to be $383 million to $385 million in Local Media.
Challenges Ahead
- Adjusted EBITDA is expected to be $(3) million in Other.
- Adjusted EBITDA is expected to be $(13) million in Corporate and Eliminations.
- Interest expense (net) is expected to be $67 million.
- Net cash tax payments is expected to be $7 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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