Gray Television Inc (NYSE:GTN) reported fourth-quarter fiscal 2023 sales that fell 19% Y/Y to $864.00 million, beating the analyst consensus of $863.31 million.
EPS loss of $(0.24) missed the consensus loss of $(0.16).
Core Advertising Revenue in the quarter was $415 million, an increase of 2% Y/Y. Television stations’ core advertising revenue increased 2% Y/Y, and the automobile advertising category rose 16% Y/Y in the quarter.
Total broadcasting expenses increased 6% Y/Y to $604 million. Operating income decreased to $113 million from $363 million a year ...