Gray Television Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Gray Television, Inc. Reports Second Quarter 2024 Financial Results
ATLANTA, Aug. 8, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. ("Gray Media," "Gray," "we," "us" or "our") (NYSE: GTN) announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | Consensus Q2 2024 | Difference |
|---|---|---|---|---|---|---|---|
| Revenue | $826M | $810M | +2% | $788M | +4.82% | $835.48M | -$9.48M |
| Earnings Per Share (EPS) | $0.11 | $0.02 | +450% | $0.09 | +22.22% | $0.09 | +$0.02 |
| Operating Expenses (excluding depreciation and amortization) | $607M | - | - | $624M | -2.72% | - | - |
Interpretation : Gray Television reported a revenue of $826 million for Q2 2024, reflecting a 2% year-over-year increase. The earnings per share stood at $0.11, exceeding the consensus estimate of $0.09. Despite economic headwinds, the company’s performance was robust. Operating expenses saw a minor decline compared to the previous quarter.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Prior Guidance | Year-over-Year Change | Quarter-over-Quarter Change |
|---|---|---|---|---|
| Core Advertising Revenue | $373M | Slightly below low end | -2% | - |
| Political Advertising Revenue | $47M | Surpassed expectations | +292% | + |
| Retransmission Consent Revenue | $371M | Within guidance | - | - |
Interpretation : Core advertising revenue came in slightly below the guidance. However, political advertising revenue experienced a dramatic year-over-year increase of 292%, significantly surpassing expectations. Retransmission consent revenue stayed within the guidance range, indicating stability in that segment.
Executive Comments
Hilton H. Howell, Jr., Executive Chairman and CEO, expressed satisfaction with the company's overall financial performance amidst challenging macro-economic conditions. He emphasized the management’s efforts to reduce debt and extend debt maturities, as well as prioritizing operational efficiency.
Forward Guidance
Gray Television provided forward guidance for the third quarter of 2024, expecting core advertising revenue to be flat or up by low single-digit percentages compared to Q3 2023. Full-year 2024 core advertising revenue is revised to approximately $1.525 billion, down from the earlier guidance of $1.6 billion.
Stock Price Movement
The stock experienced an after-event percent change of +0.095%.
Summary
Gray Television, Inc. reported a solid second quarter with revenues and earnings above Wall Street consensus estimates. Key segments like political advertising showed significant growth, compensating for modest shortfalls in core advertising. The company remains focused on debt reduction and enhanced operational efficiency as the year progresses.
For detailed financial statements and additional information, visit Gray Media's website .
