Sinclair Broadcast Group (SBGI) Issues Earnings Results, Beats Expectations By $0.06 EPS

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Sinclair Broadcast Group (NASDAQ:SBGI) announced its quarterly earnings data on Wednesday. The company reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.06, MarketWatch Earnings reports. The firm had revenue of $766.30 million during the quarter, compared to analyst estimates of $752.56 million. Sinclair Broadcast Group had a return on equity of 19.12% and a net margin of 19.47%. The company’s revenue was up 18.9% on a year-over-year basis. During the same period last year, the company earned $0.30 earnings per share. Sinclair Broadcast Group updated its Q4 2018 guidance to EPS and its FY 2018 guidance to EPS.

Shares of Sinclair Broadcast Group stock traded up $0.90 during trading on Wednesday, hitting $31.47. 946,763 shares of the company were exchanged, compared to its average volume of 1,168,115. The firm has a market capitalization of $3.02 billion, a P/E ratio of 11.24 and a beta of 1.28. Sinclair Broadcast Group has a 1-year low of $25.13 and a 1-year high of $40.15. The company has a current ratio of 2.96, a quick ratio of 2.96 and a debt-to-equity ratio of 2.44.

A number of analysts recently commented on SBGI shares. Wells Fargo & Co lowered their price objective on Sinclair Broadcast Group from $50.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday, July 18th. BidaskClub lowered Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Thursday, July 19th. Evercore ISI started coverage on Sinclair Broadcast Group in a research report on Tuesday, July 31st. They issued an “in-line” rating and a $34.00 price objective for the company. Zacks Investment Research lowered Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 11th. Finally, B. Riley lowered Sinclair Broadcast Group from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $36.00 to $33.00 in a research report on Thursday, September 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $38.80.

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Sinclair Broadcast Group Company Profile

Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through its local television stations.

Further Reading: Float

Earnings History for Sinclair Broadcast Group (NASDAQ:SBGI)

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