Sinclair Broadcast Group, Inc. (SBGI) has reported an 107.73 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $120.90 million, or $1.32 a share in the quarter, compared with $58.20 million, or $0.61 a share for the same period last year.
Revenue during the quarter surged 30.39 percent to $797.69 million from $611.79 million in the previous year period. Total expenses were 70.73 percent of quarterly revenues, down from 79.69 percent for the same period last year. This has led to an improvement of 896 basis points in operating margin to 29.27 percent.
Operating income for the quarter was $233.45 million, compared with $124.24 million in the previous year period.
"2017 is off to a productive start with the launch of two emerging multicast networks, TBD and CHARGE!, which join our already successful multicast network, COMET," commented Chris Ripley, President and Chief Executive Officer. "Our other platforms continue to grow with increased distribution of Tennis Channel and double digit percent growth in our digital revenues. In addition, the auction proceeds will provide us additional optionality to further grow the Company and create value for our shareholders."
For fiscal year 2017, Sinclair Broadcast Group forecasts Barter and trade revenue to be $116 million .
For the first-quarter, Sinclair Broadcast Group forecasts Media revenues, before barter are expects revenue to be in the range of $602 million to $606.70 million. It expects Barter and trade revenue to be $23 million.
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