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Sinclair Broadcast Jumps on Outlook

Meredith Derby

Shares of Sinclair Broadcast(SBGI Quote) were up 2% after the company said it expects to exceed previously forecast third-quarter revenue and cash flow guidance due to strong month-to-month momentum in advertising revenue.

Recently, shares of the company were up 44 cents to $13.03 on the Nasdaq.

The company expects revenue to be up 9.4% to 9.5% from last year's $148.6 million. In August, the company had forecast a revenue increase of 6.5% to 7.5%.

Cash flow is expected to be up 18.5% to 18.8%, from last year's $57.4 million. The company had originally forecast cash flow to be up 11% to 13%.

Sinclair said revenue from its Fox and CBS station groups contributed to the higher-than-anticipated growth. Baltimore-based Sinclair owns and operates 62 television stations in 39 markets.

The company will announce its third-quarter results on Nov. 7 as well as provide fourth-quarter guidance.