p strong Gray Television Inc Reports Second Quarter 2024 Financial Results strongpp Gray Television

Gray Television, Inc. Reports Second Quarter 2024 Financial Results

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

The table above shows that Gray Television saw slight YoY revenue growth and significant YoY increases in net income. However, the revenue fell slightly short of consensus estimates.

Revenue Performance by Segment

Core advertising revenue fell slightly below the lower end of the guidance range, marking a 2% YoY decline. However, political advertising revenue saw a significant growth of 292%, driven by the active political cycle. Retransmission consent revenue met expectations.

Comments from Company's Officers

Company executives, including Hilton H. Howell, Jr. (Executive Chairman and CEO), Pat LaPlatney (President and Co-CEO), and Jeff Gignac (EVP and CFO), highlighted the challenges posed by macroeconomic factors and the company's efforts to reduce debt, manage costs, and improve operational efficiencies. They are optimistic about political advertising revenues and are committed to improving their balance sheet.

Forward Guidance

Gray Television expects core advertising revenue for Q3 2024 to be flat to up by low single-digit percentages compared to Q3 2023. For the full year 2024, the company anticipates core advertising revenues around $1.525 billion, down from prior guidance of $1.6 billion. They foresee political advertising revenue in the range of $180 million to $200 million for Q3 2024 and $1.475 billion in retransmission consent revenues for the full year 2024.

Stock Price Movement

Post-earnings release, Gray Television's stock experienced a marginal increase of 0.095%.

Overall, Gray Television, Inc. demonstrated strong resilience with improved net income and political advertising revenues despite broader industry challenges.