Sinclair reports Q3 EPS (2c) vs. $1.43 last year

Reports Q3 revenue $773M, consensus $768M. “Sinclair (SBGI) delivered a strong third quarter, achieving the high end of guidance for advertising and distribution revenue, while media expenses and Adjusted EBITDA beat expectations. We expect to see continued improvement in core advertising trends in the fourth quarter and a sequential increase in distribution revenue. Our progress on partner station transactions continues, with eleven option exercises closed and additional deals pending FCC approval, and more transactions planned, representing at least $30 million in incremental annualized EBITDA once finalized. Looking ahead, we anticipate record mid-term political revenue in the upcoming cycle, and are encouraged by recent regulatory developments that should lead to much-needed industry consolidation and significant synergies for investors.”