Gray Television Misses On Q3 Due To Unexpected Pullback In Certain Key Political Races; Shares Plunge

  • Gray Television, Inc GTN reported third-quarter FY22 revenue growth of 51% year-on-year to $909 million, missing the consensus of $950.2 million.
  • The company noted 3Q22 figures fell short of its expectations and guidance issued in early August due to an unexpected pullback in certain key political races.
  • Broadcasting revenue grew 53% Y/Y to $889 million.
  • Core advertising revenue increased by 23% Y/Y, and retransmission consent revenue increased by 38% Y/Y. 
  • Broadcast Cash Flow was $357 million, an increase of 75% Y/Y.
  • Adjusted EBITDA was $336 million, an increase of 81% Y/Y.
  • EPS of $1.03 missed the consensus of $1.41.
  • Outlook: Gray Television sees Q4 revenue of $1.017 billion - $1.049 billion, below the consensus of $1.150 billion.
  • Price Action: GTN shares traded lower by 33.14% at $9.04 on the last check Friday.
  • Photo Via Company
Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceSmall CapBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!