- Sinclair Broadcast Group (NASDAQ:SBGI) is 6.9% lower this morning after Q4 earnings that were boosted by tax effects but which saw an 8% revenue decline in an off-year for political advertising.
- Net income of $443.5M was up from a prior $120.9M, but included a $272M nonrecurring tax benefit due to new legislation, along with a $225M gain recognized for vacating spectrum in some markets.
- Revenues from digital businesses were up 64% Y/Y.
- Excluding political business, market share was roughly flat Y/Y.
- Revenue breakout: Media revenues, $685.4M (down 5.7%); Revenues from station barter, $29.1M (down 32%); Other nonmedia revenues, $19.5M (down 30.5%).
- For Q1, it's guiding to media revenues of $638M-$644M (up 5.2%-6.2%), with political revenues expected to quadruple to $8M. It sees total capex at around $42M, with $8M tied to the spectrum repack and likely reimbursed by government.
- For the full year, it expects capex of $179M-$189M, with $69M reimbursable and related to the repack.
- Press release
- Now read: More on Snyder's-Lance's Q4 miss
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