Gray Television Posts Mixed Q3 Earnings: Will Q4 Revenue Come In Below Consensus?
Portfolio Pulse from Lekha Gupta
Gray Television Inc (NYSE:GTN) reported a 12% Y/Y decrease in Q3 FY23 sales to $803 million, beating the analyst consensus. Core Advertising Revenue increased 1% Y/Y. Operating income decreased to $84 million from $245 million a year ago. The company declared a quarterly dividend per share of 8 cents. GTN sees Q4 revenue of $854 million - $864 million versus the consensus of $883.46 million. GTN shares are trading lower by 7.26% at $6.90 premarket.
November 08, 2023 | 4:17 pm
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Gray Television reported lower Q3 sales but beat analyst consensus. However, the company's Q4 revenue is expected to be lower than consensus. The company's shares are trading lower premarket.
Gray Television's Q3 sales beat analyst consensus, which is a positive sign. However, the company's projection of lower Q4 revenue than consensus is a negative signal, which is likely causing the premarket drop in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100