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What: Shares of TV broadcaster Sinclair Broadcast Group
So what: For the quarter, total revenue of $180.9 million was down from 2010, but above the $177.2 million that Wall Street analysts were expecting. Operating income for the quarter dropped 7%, but lower financing costs and income from investments helped push earnings per share up 33% to $0.24. Analysts were looking for $0.18 in per-share profit.
Now what: Sinclair also provided some hopeful news for the future. Near term, the company expects the fourth quarter to go well as it's seeing strong performance from auto and political ad spending. Looking longer term, the company also announced that it's spending $385 million to buy the broadcast assets of Freedom Communications, a deal that will give it eight stations in seven markets and provide a strong presence in the West Palm Beach, Fla., market.
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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.