Shares of Sinclair Inc (NASDAQ: SBGI) plummeted 5.8% on November 7th, despite the broadcasting company reporting better-than-expected earnings for the third quarter of 2024. The stock decline came as investors reacted to concerns raised during the company's earnings call, overshadowing the positive earnings beat.
For the quarter ended September 30th, Sinclair reported adjusted earnings of $1.43 per share, surpassing analysts' consensus estimate of $0.98 per share. However, revenue of $917 million fell slightly short of the expected $923 million, as core advertising revenue growth came in lower than anticipated.
While Sinclair achieved record political advertising revenue during the quarter, contributing to the overall revenue increase of 19.6% year-over-year, the company acknowledged that late political ad cancellations, particularly from Nevada, impacted its financial results. Additionally, core advertising revenue growth, although positive at 1%, missed the revised guidance range of 2% to 4%.
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