Ad company Sinclair Q2 revenue down 5%, misses estimates
Overview
Sinclair Q2 revenue down 5% yr/yr, missing analyst expectations, per LSEG data
Adjusted EBITDA for Q2 beats analyst estimates, despite 35% decline yr/yr
Company reports net loss of $64 mln, contrasting with last year's net income
Outlook
Sinclair expects Q3 total revenue between $752 mln and $776 mln
Company forecasts Q3 adjusted EBITDA between $71 mln and $93 mln
Sinclair anticipates full-year capital expenditures of $82 mln to $85 mln
Company optimistic about industry deregulation accelerating
Result Drivers
CORE ADVERTISING - Core advertising revenues grew by $13 mln yr/yr, in-line with expectations
MULTICAST GROWTH - Record growth in multicast network platforms in Q2
NON-TRADITIONAL EXPANSION - Rapid expansion of non-traditional broadcast assets, including new AMP sports podcasts
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $784 mln | $794.40 mln (6 Analysts) |
Q2 EPS |
| -$0.91 |
|
Q2 Net Income |
| -$64 mln |
|
Q2 Adjusted EBITDA | Beat | $103 mln | $101.50 mln (5 Analysts) |
Q2 Operating income |
| $21 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the broadcasting peer group is "buy."
Wall Street's median 12-month price target for Sinclair Inc is $17.00, about 16.6% above its August 5 closing price of $14.18
Press Release: ID:nBw16QtdLa
