Sinclair Broadcast Group Inc.’s first-quarter profit increased more than 137 percent on the way to beating analysts’ estimates. The Hunt Valley-based television broadcaster reported net income of $57.2 million, or 61 cents per share in the quarter, up from $24.1 million, or 25 cents per share, a year ago. Excluding Sinclair’s sale of Alarm Funding Associates in March, the broadcaster had earnings of 31 cents per share. The $200 million sale of Alarm contributed $ 53 million to Sinclair’s operating…
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