2023-08-04 06:10:50 ET
- Gray Television press release ( NYSE: GTN ): Q2 GAAP EPS of -$0.10 beats by $0.13 .
- Revenue of $813M (-6.3% Y/Y) beats by $15.83M .
- Guidance for the Three-Months Ending September 30, 2023:
- Revenue: Core advertising revenue of $360 million to $368 million, flat to up low single digits. Retransmission revenue of $370 million to $380 million. Political advertising revenue of $15 million to $16 million. Production company revenue of $18 million to $19 million, including, as discussed below, the impact of the rejection of the Diamond Sports Group, LLC’s Atlantic Coast Conference contract with our Raycom Sports subsidiary and its replacement with a new ACC sports rights agreement with the CW Network.
- Total revenue of $780 million to $801 million vs. consensus of $813.10M.
- Operating Expenses: Broadcasting expenses of $565 million to $575 million, including retransmission expense of approximately $235 million and non-cash stock-based compensation expense of approximately $1 million. Production company expenses of approximately $18 million to $19 million, excluding, as discussed below, the non-cash impairment charge. Corporate expenses of $30 million to $35 million, and non-cash stock-based compensation expense of approximately $4 million.
For further details see:
Gray Television beats Q2 top and bottom line estimates; initiates Q3 outlook