Gray TV rises on stronger 3Q revenue outlook

Gray Television shares rise as company gives stronger 3rd-quarter revenue guidance

Associated Press

NEW YORK (AP) -- Shares of Gray Television advanced Tuesday after the company forecast greater-than-expected revenue for the third quarter.

Gray said it expects to report $87.8 million to $88.3 million in revenue before agency commissions. In August, the company had forecast quarterly revenue of $87 million to $88 million.

Shares of Gray Television gained 51 cents, or 6.2 percent, to $8.77 in morning trading. The stock is up nearly four-fold in the year to date.

Gray Television Inc., based in Atlanta, runs TV stations in 31 markets. The company had $102.9 million in revenue during the third quarter of 2012, including $24.5 million in political advertising revenue. The company expects to report $1.3 million to $1.4 million in political ad revenue during the most recent quarter.

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