Media broadcasting company Sinclair (NASDAQ: SBGI) will be reporting earnings this Wednesday after market close. Here’s what to look for.
Sinclair beat analysts’ revenue expectations last quarter, reporting revenues of $807 million, up 4% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates.
Is Sinclair a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Sinclair’s revenue to grow 7.1% year on year, a reversal from the 5.4% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Sinclair has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Sinclair’s peers in the media & entertainment segment, some have already reported their Q2 results, giving us a hint as to what we can expect. IMAX delivered year-on-year revenue growth of 12.2%, beating analysts’ expectations by 8.8%, and Ibotta reported revenues up 3.3%, topping estimates by 4.7%. IMAX traded up 10.4% following the results.
Read our full analysis of IMAX’s results here and Ibotta’s results here.
There has been positive sentiment among investors in the media & entertainment segment, with share prices up 5.3% on average over the last month. Sinclair is down 8% during the same time and is heading into earnings with an average analyst price target of $17.71 (compared to the current share price of $13.94).
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