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ATLANTA - On Friday, Gray Television Inc . (NYSE:GTN) reported second-quarter revenue that exceeded analyst expectations, despite posting a wider-than-expected loss.
The company’s shares jumped 5.07% in after hours trading following the quarterly release.
The multimedia company reported second-quarter revenue of $772 million, surpassing the consensus estimate of $766.31 million, though down 7% from $826 million in the same period last year. However, Gray Television posted a loss of $0.71 per share, significantly worse than analysts’ expectations for a loss of $0.37 per share.
Core advertising revenue fell 3% to $361 million compared to the second quarter of 2024, while political advertising revenue plummeted 81% to $9 million, reflecting the cyclical nature of political ad spending. Retransmission consent revenue decreased slightly by 1% to $369 million.
"We continue to improve our local content offerings and in particular our broadcast of professional and collegiate sports, optimize our cost structure, strengthen our balance sheet and increase our financial flexibility," said the company in its earnings release.
The company recognized a non-cash impairment of intangible assets of $28 million related to the non-renewal of the CBS Network affiliation at its Atlanta television station WANF.
For the third quarter, Gray Television expects core advertising revenue to decline compared to the same period in 2024, partly due to the absence of Olympic Games advertising, which contributed $20 million to revenue in Q3 2024.
During the quarter, Gray Television reduced its outstanding debt by $22 million and maintained $692 million in borrowing availability under its $700 million undrawn Revolving Credit Facility.
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