Sinclair Reports First Quarter 2020 Financial Results
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Sinclair Broadcast Group (SBGI) Tops Q1 EPS by $1.33, Revenues Miss
May 6, 2020 7:38 AM EDTSinclair Broadcast Group (NASDAQ: SBGI) reported Q1 EPS of $1.35, $1.33 better than the analyst estimate of $0.02. Revenue for the quarter came in at $1.61 billion versus the consensus estimate of $1.65 billion.
First Quarter HighlightsConsolidated revenue increased 123% to $1,609 million as compared to first quarter 2019, with gains driven in large part by the Company's acquisition of 21 Regional Sports Networks (RSNs) and Fox College Sports in August 2019. Excluding the RSN acquisition, media revenues increased by 17%, aided by an increase in political advertising and higher retransmission revenues. Consolidated Media Revenue was $31 million... More