Gray Television Misses On Q3 Due To Unexpected Pullback In Certain Key Political Races; Shares Plunge
Gray Television, Inc (NYSE: 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.
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