Sinclair Broadcast profit climbs on robust ad market

Sinclair Broadcast Group Inc., a Hunt Valley-based operator of television stations across the United States, said Wednesday that its profit nearly doubled in the first quarter, fueled by higher sales of political and other ads and the acquisition of several new stations.

The company, which operates 74 stations in 45 markets, reported a profit of $29.4 million, or 36 cents a share, in the quarter ended March 31, compared with $15.3 million, or 19 cents a share, in the similar period last year.

The results met analysts' profit estimates, according to MarketWatch. Revenues climbed to $192.2 million in the quarter, up from $156 million in last year's first quarter.

Sinclair also declared a dividend of 12 cents a share for holders of its Class A and B stock, payable on June 15 to those who own shares as of June 1.

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