Gray Television Inc (NYSE:GTN)
$ 4.51 0.12 (2.73%) Market Cap: 471.21 Mil Enterprise Value: 7.00 Bil PE Ratio: 3.01 PB Ratio: 0.33 GF Score: 76/100
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Q3 2024 Gray Television Inc Earnings Call Transcript

Nov 8, 2024 / 04:00 PM GMT
Release Date Price: $4.28 (-26.08%)

Key Points

Positve
  • Gray Television Inc (GTN) reported a strong third quarter with total revenue of $950 million, an 18% increase from the same period in 2023.
  • Net income attributable to common shareholders was $83 million, compared to a net loss of $53 million in the third quarter of 2023.
  • The company successfully reduced its expenses, which were below the low end of their guidance range.
  • Gray Television Inc (GTN) achieved a 14% increase in new local direct business in Q3 2024 over Q3 2023.
  • The company has made significant progress in reducing debt, repaying almost $250 million during the third quarter, with a total repayment goal of half a billion dollars by year-end.
Negative
  • Political advertising revenue was slightly below expectations, impacting overall revenue growth.
  • Core ad revenue is expected to decline in the fourth quarter compared to 2023, partly due to political displacement and the shift of Southeastern Conference football from CBS to ABC.
  • The company experienced challenges with sub losses in retransmission revenue, which have been a concern across the media industry.
  • There is ongoing pressure to reduce costs, including personnel expenses, which has led to job restructurings.
  • Gray Television Inc (GTN) faces uncertainties in political ad revenue due to the competitive nature of races and spending shifts outside their station footprint.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GTN.N - Gray Television Inc
Q3 2024 Gray Television Inc Earnings Call
Nov 08, 2024 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome, ladies and gentlemen to the Gray Media Q3 2024 earnings call. I will now turn the program over to Chairman and CEO Mr Hilton Howell Junior.

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Unidentified_2 [2]
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Thank you operator and good morning everyone and thank you all for being here as the operator mentioned, I'm Hilton Howell, the Chairman and CEO of Gray Television. And with me here in Atlanta are all of our executive officers, Pat Lalani, our President and Co, CEO Sandy Breen, our Chief Operating Officer, Kevin Latek, our chief legal and Development officer and Jeff Jak, our Chief Financial
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