Sinclair Broadcast Group (NASDAQ: SBGI) reported Q2 EPS of $0.43, $0.03 better than the analyst estimate of $0.40. Revenue for the quarter came in at $679.2 million versus the consensus estimate of $675.77 million.

The Company currently expects to achieve the following results for the three months ending September 30, 2017 and year ending December 31, 2017. Unless noted, anticipated results exclude the upcoming FCC spectrum repack. The pending acquisitions of Bonten and Tribune are not reflected in the Company\'s guidance below.

Third Quarter 2017

• Media revenues, before barter, are expected to be approximately $623.2 million to $629.8 million, down 0.9% to 1.9% year-over-year due to advertising revenues received in 2016 related to the summer Olympic games and the Presidential election. Embedded in the 2017 anticipated results are:
• $7.5 million to $9.0 million in political revenues as compared to $45.0 million in the third quarter of 2016.
• Third quarter of 2016 included $10.5 million in revenues related to the Olympic games.
• Barter and trade revenue are expected to be approximately $28 million in the third quarter of 2017.
• Barter expense is expected to be approximately $24 million. $4 million of trade expense is included in media expenses (defined below).
• Media production expenses and media selling, general and administrative expenses (together, \"media expenses\"), excluding barter expense but including trade expense, are expected to be approximately $397 million, including $2 million in stock-based compensation expense.
• Program contract amortization expenses are expected to be approximately $30 million.
• Program contract payments are expected to be approximately $28 million.
• Corporate overhead is expected to be approximately $24 million, including $1 million of stock-based compensation expense and $6 million of legal, spectrum auction and acquisition-related costs.
• Research and development costs related to ONE Media are expected to be $5 million.
• Other non-media revenues less other non-media expenses are expected to be less than $1 million, assuming current equity interests.
• Depreciation on property and equipment is expected to be approximately $22 million, assuming the capital expenditure assumption below.
• Amortization of acquired intangibles is expected to be approximately $44 million.
• Net interest expense is expected to be approximately $50 million ($48 million on a cash basis), assuming no changes in the current interest rate yield curve and changes in debt levels based on the assumptions discussed in this \"Outlook\" section.
• Net cash taxes paid are expected to be approximately $17 million, based on the assumptions discussed in this \"Outlook\" section. The Company\'s effective tax rate is expected to be approximately 34%.
• Capital expenditures are expected to be approximately $25 million.

Full Year 2017

• Barter and trade revenue is expected to be approximately $119 million.
• Barter expense is expected to be approximately $102 million. $17 million of trade expense is included in television expenses.
• Media expenses, excluding barter expense but including trade expense, are expected to be approximately $1.574 billion, of which $209 million relates to acquisitions, revenue-generating initiatives and system upgrades, and another $9 million of stock-based compensation expense.
• Program contract amortization expense is expected to be approximately $117 million.
• Program contract payments are expected to be approximately $112 million.
• Corporate overhead is expected to be approximately $89 million, including $10 million of stock-based compensation expense and $15 million of legal, spectrum auction and acquisition-related.
• Research and development costs related to ONE Media are expected to be $13 million.
• Other non-media revenues less other non-media expenses are expected to be $4 million, assuming current equity interests.
• Depreciation on property and equipment is expected to be approximately $92 million, assuming the capital expenditure assumption below.
• Amortization of acquired intangibles is expected to be approximately $176 million.
• Net interest expense is expected to be approximately $206 million (approximately $199 million on a cash basis), assuming no changes in the current interest rate yield curve, and changes in debt levels based on recent corporate developments and the assumptions discussed in this \"Outlook\" section.
• The Company\'s effective tax rate on continuing operations is expected to be approximately 34%.
• Capital expenditures are expected to be $85 million to $90 million, excluding capital expenditures that may be incurred for the FCC\'s spectrum repack.

Three Months Ended June 30, 2017 Financial Results:

• Total revenues increased 1.9% to $679.3 million, versus $666.5 million in the prior year period.
• Operating income was $118.8 million versus operating income of $129.1 million in the prior year period, reflecting $6 million of expenses related to the Tribune and Bonten Media Group acquisitions.
• Net income attributable to the Company was $44.6 million versus net income of $49.4 million in the prior year period.
• Diluted earnings per common share were $0.43 as compared to $0.52 in the prior year period.

For earnings history and earnings-related data on Sinclair Broadcast Group (SBGI) click here.