Television station operator Sinclair Broadcast Group Inc. reported fourth-quarter earnings of $1.32 per share for the three months ended Dec. 31, below expectations, according to a filing with the Securities and Exchange Commission.
This number is below average analyst expectations of $1.36 per share for the current quarter. Revenue of $797.7 million also missed analyst expectations. Analysts estimated that the revenue for the quarter would be around $806.89 million.
Sinclair is a television broadcasting company that owns, operates, or provides services to 173 stations in 81 markets. It broadcasts 505 channels and is affiliated with major networks.
For the last quarter, net income for the company was at $120.9 million, up from $58.2 million in 2015. Total revenues increased 30.4 percent to $797.7 million, up from $611.8 in the prior year’s period. Operating income increased $87.9 percent, up to $233.4 million.
For the 2016 year, net income was $245.3 million, up from $171.5 the year before. Total revenues increased 23.3 percent to $2.737 billion, and operating income increased 42.6 percent to $602.9 million. Operating income increased 42.6 percent to $602.9 million.
The company also declared an 18-cent quarterly dividend per share.
“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.”
Sinclair stock closed Tuesday at $36.90.