Political advertising helped profits rise 42 percent for Hearst-Argyle Television Inc., the company said Thursday.Hearst-Argyle owns Omaha ABC affiliate station, KETV.
Net income for the ownership group rose to $16.5 million, or 18 cents per share, from $11.7 million, or 13 cents per share, a year ago. The results included a stock-based compensation charge of $1.9 million, or a penny per share.
Analysts polled by Thomson Financial, on average, were looking for third-quarter earnings of 16 cents per share, including stock-option charges.
"Our company's financial results for the third quarter were expectedly strong, as we capitalized on significant political spending in a number of our markets, and translated our strong local market leadership positions into improved revenue and profitability versus the prior year period," President and Chief Executive David Barrett said in a press release.
Hearst-Argyle said it anticipates its full-year revenue to be at the high end of its previous estimate of $756 million to $777 million, on better-than-expected political revenue and the the acquisition of another station. Analysts are forecasting full-year sales of $769.4 million.
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