Sinclair reports Q1 EPS ($2.30) vs 35c last year

Reports Q1 revenue $776M, consensus $775.9M. “Sinclair (SBGI) delivered solid financial results in a challenging first quarter environment. Adjusted EBITDA exceeded the high-end of our guidance range and core advertising trends continue to be among the strongest in the industry, despite the macro-economic uncertainties and lack of visibility. We are seeing some signs of improvement in the pay TV ecosystem as consumers respond to innovative packaging,” said Chris Ripley, Sinclair’s President and Chief Executive Officer. “We remain optimistic that the regulatory environment is poised for favorable reforms in the near term, opening up potential strategic options for us and the industry generally. We completed our comprehensive refinancing during the first quarter, which pushed out our nearest meaningful maturity to December of 2029 and our weighted average maturity is now more than six years out, representing the longest maturity runway in the industry. The refinancing positioned Sinclair well to execute on those strategic possibilities.”