ATLANTA - Gray Television, Inc. (NYSE:GTN) reported third-quarter 2024 results that beat revenue estimates but missed on earnings, with shares rising 1% following the announcement.
The broadcasting company posted adjusted earnings per share of $0.86, falling short of analyst expectations of $0.95. However, revenue came in at $950 million, missing the consensus estimate of $967.49 million.
Gray Television saw strong political advertising revenue of $173 million in Q3, a 565% increase from the same period last year. This was driven by increased political spending ahead of the 2024 elections. However, the company noted political ad revenue was slightly below its own expectations.
Core advertising revenue grew 1% year-over-year to $365 million, while retransmission consent revenue declined 2% to $369 million.
"Our results in the third quarter were largely in line with our guidance, with the exception of political advertising revenues, which, while strong, were slightly below our expectations," said Gray Television in its earnings release.
The company now projects full-year 2024 political advertising revenue of $495-500 million. It also expects to reduce net debt by approximately $500 million in 2024.
Looking ahead, Gray Television forecasts fourth quarter core advertising revenue to decline about 11% year-over-year, citing political ad displacement and other factors.
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