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ATLANTA -On Thursday, Gray Television, Inc. (NYSE: NYSE:GTN) reported fourth quarter earnings that beat analyst expectations.
The company’s shares were up 1.81% in early trading.
The broadcast television company posted adjusted earnings per share of $1.59, surpassing the analyst consensus estimate of $1.17 by $0.42. Revenue for the quarter came in at $1.05 billion, slightly below the $1.06 billion analysts were expecting.
Gray Television’s fourth quarter revenue increased 21% year-over-year, driven primarily by a 658% surge in political advertising revenue to $250 million. This was partially offset by an 8% decline in core advertising revenue to $380 million, which the company attributed to political ad displacement.
"We are very pleased to have finished 2024 having made significant progress in enhancing our local content offerings, optimizing cost structure, strengthening our balance sheet and increasing our financial flexibility," said Hilton H. Howell, Jr., Executive Chairman and CEO of Gray Television.
For the first quarter of 2025, Gray Television expects revenue between $764 million and $775 million, below the analyst consensus of $797.9 million. The company cited macro-economic uncertainty but expressed optimism about realizing benefits from various internal initiatives.
The company reduced its outstanding debt principal by $520 million in 2024 and finished the year with a slightly lower leverage ratio than it began with.
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