Q1 2024 Gray Television Inc Earnings Call Transcript
Key Points
- Gray Television Inc (GTN) reported a 4% increase in core advertising revenues over the first quarter of 2023.
- Net income attributable to common shareholders was $75 million, or $0.79 per diluted share, indicating strong profitability.
- Adjusted EBITDA for the quarter increased by 21% from the first quarter of 2023, reaching $197 million.
- The company successfully prepaid $50 million of its term loans, emphasizing its focus on debt reduction and financial health.
- Gray Television Inc (GTN) is well-positioned to capture a significant share of political advertising revenue due to its strong presence in key competitive markets.
- Political advertising revenue in the first quarter was slightly lower compared to the first quarter of 2020, reflecting less competitive presidential primary contests.
- The company paused capital expenditures at the assembly site due to challenging capital market conditions and potential Hollywood strikes, which could delay future revenue streams from this project.
- Despite operational successes, Gray Television Inc (GTN) expressed disappointment with its current undervaluation by Wall Street, indicating potential market challenges.
- The company faces ongoing industry-wide challenges such as cord-cutting and shifts in viewer behavior, which could impact traditional revenue streams.
- There are uncertainties in achieving significant revenue from next-gen TV and other digital transformations in the short term.
Good morning, ladies and gentlemen, and welcome to the Gray Television Q1 2024 earnings call. If you know, you'd like to ask a question, you may join the queue at any time during the call by pressing star one on your telephone keypad. Again, that's star one on your telephone keypad to join the question queue. And with that for you, I will now turn the program over to Executive Chairman and CEO, Hilton Howell junior.
Thank you, operator. Good morning, everyone. Thank you for joining our first quarter 2020 for earnings call with me here in Atlanta are all of our executive officers, Potlatch flattening, our President and Co-CEO, Sandy Brillon, our Chief Operating Officer, Kevin Latek, our Chief Legal and Development Officer, Jim Ryan, our Chief Financial Officer, and for the first time as an officer of this company, Jeff Gignac, currently our Executive Vice President of Finance. And as you all know, on July the first, Jeff will succeed Jim as the Chief Financial Officer of
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
