Strong advertising and digital revenue, plus higher retransmission consent money are key drivers.
Sinclair Broadcast Group reported today that in the three months ended June 31, its net broadcast revenues from continuing operations increased 24.3% to $502.3 million versus $404.2 million in the second quarter of 2014.
Operating income was $114.3 million, an increase of 11%, versus operating income of $103 million in the prior year period.
Net income was $45.8 million, versus net income of $41.3 million in the prior year period.
Diluted earnings per common share were $0.48 as compared to $0.42 in the prior year period.
Political revenues were $4 million versus $11.6 million in 2Q 2014.
Revenues from digital offerings increased 32% in the first quarter. The company’s Web and mobile platforms had more than 44 million unique visitors and more than eight million social media fans and followers, on average during the second quarter.
Sinclair President-CEO David Smith said: “For second quarter, we exceeded our guidance in all key financial metrics, due in part to higher retransmission consent fees and favorable cost outlays. We continue to make significant progress with regard to content initiatives and distribution rights, particularly in the areas of sports and first-run programming. We completed our renewals with the CBS and CW networks, securing five-year agreements that represent fair value to us both.
“Lastly and with another month remaining in the regional Emmy and Associated Press awards season, we are proud to announce that our television station news organizations have received more than 200 awards, a reflection of our commitment to and outstanding reporting we are doing as the largest producer of local news in the country.”