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Jun 30, 2024
Sinclair Q2 2024 Earnings Report
Sinclair reported solid results, meeting guidance expectations and experiencing growth in advertising and distribution revenues.
Key Takeaways
Sinclair reported an 8% increase in total revenues, reaching $829 million, driven by growth in both advertising and distribution revenues. The company exceeded Adjusted EBITDA guidance and saw a significant increase in political advertising bookings for the second half of the year. Net income attributable to the company was $17 million, a substantial improvement compared to the prior year period.
Total revenues increased by 8% to $829 million.
Total advertising revenues increased 11% to $343 million.
Distribution revenues increased to $435 million.
Net income attributable to the Company was $17 million.
Revenue by Segment
Forward Guidance
The Company currently expects to achieve the following results for the three months ending September 30, 2024 and the twelve months ending December 31, 2024.
Positive Outlook
- Core advertising revenue is expected to be $288 to 300 million for Local Media, $10 million for Tennis, and $9 million for Other.
- Political advertising revenue is projected to be $113 to 128 million.
- Distribution revenue is anticipated to be $381 to 383 million for Local Media and $51 million for Tennis.
- Other media revenue is estimated at $41 million.
- Total revenues are expected to be in the range of $823 to 852 million for Local Media, $63 million for Tennis, and $19 million for Other.
Challenges Ahead
- Media programming & production expenses and media selling, general and administrative expenses are projected to be $569 to 574 million for Local Media, $49 million for Tennis, and $6 million for Other.
- Non-media expenses are estimated at $2 million for Local Media and $12 million for Other.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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