- Gray Television press release (NYSE:GTN): Q3 GAAP EPS of -$0.57 misses by $0.27.
- Revenue of $803M (-11.7% Y/Y) beats by $4.54M.
- Broadcast Cash Flow was $229 million, a decrease of 36% from the third quarter of 2022, due primarily to the cyclical decrease in political advertising.
- Guidance: Based on our current forecasts for the quarter ending December 31, 2023, we anticipate the following key financial results:
- Revenue:
- Core advertising revenue of $410 million to $414 million; up low single digit percentage increases over the fourth quarter of 2022.
- Retransmission revenue of $362 million to $365 million; up low single digit percentage increases over fourth quarter 2022.
- Political advertising revenue of $34 million to $35 million.
- Production company revenue of $30 million to $31 million.
- Total revenue of $854 million to $864 million vs. consensus of $883.46 million.
- Operating Expenses:
- Broadcasting expenses of $605 million to $610 million, including retransmission expense of approximately $233 million and non-cash stock-based compensation expense of approximately $1 million.
- Production company expenses of approximately $26 million to $28 million.
- Corporate expenses of $35 million to $40 million, including non-cash stock-based compensation expense of approximately $4 million.