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Sep 30, 2024
Sinclair Q3 2024 Earnings Report
Reported solid third quarter results driven by core advertising and distribution revenues growth.
Key Takeaways
Sinclair reported a strong third quarter, with total revenues increasing by 20% to $917 million. Core advertising revenues grew by 1%, and distribution revenues increased by 5%. The company's net income attributable to the company was $94 million, a significant improvement from the prior year's net loss of $46 million.
Core advertising revenues grew by 1% year-over-year during a quarter with record political revenues.
Political revenues reached $138 million, a 31% increase over 2020 levels.
Distribution revenues increased by 5% year-over-year.
Adjusted EBITDA increased 72% to $249 million.
Revenue by Segment
Forward Guidance
The Company currently expects to achieve the following results for the three months ending December 31, 2024 and the twelve months ending December 31, 2024.
Positive Outlook
- Core advertising revenue for Q4 is expected to be $315 to 323 million.
- Political advertising revenue for Q4 is expected to be $204 million.
- Advertising revenue for Q4 is expected to be $519 to 527 million.
- Distribution revenue for Q4 is expected to be $436 to 438 million.
- Total revenues for Q4 are expected to be $1,004 to 1,014 million.
Challenges Ahead
- Media programming & production expenses and media selling, general and administrative expenses for Q4 are expected to be $631 million.
- Non-media expenses for Q4 are expected to be $15 million.
- Amortization of program costs for Q4 is expected to be $19 million.
- Corporate general and administrative expenses for Q4 are expected to be $39 million.
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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