Belo Corp. (NYSE:BLC) shares are up 9 percent in premarket after the television company earned 29 cents per share in the fourth quarter, topping consensus of 24 cents.
Revenue was $180 million, in-line with estimates. Total spot revenue, excluding political, increased 3 percent with a 6 percent rise in local spot revenue and a 3 percent fall in national spot revenue.
For first quarter 2012, BLC expects total revenue growth between 3 and 5 percent based on the timing of the Texas primary, which is the company's chief source of expected political revenue.
Belo stations include affiliations with ABC, CBS, NBC, FOX, and the CW. The stations reach over 14% of U.S. television households in 15 markets.
The stock ended at $7.99 on Monday. Over the past year, the shares have been trading between $4.36 and $9.27.