- Gray Television press release ( NYSE: GTN ): Q3 GAAP EPS of $1.09 misses by $0.32 .
- Revenue of $909M (+51.2% Y/Y) misses by $41.99M.
- Core Advertising Revenue was $359 million, an increase of 23% from the third quarter of 2021.
- Broadcast Cash Flow was $357 million, an increase of 75% from the third quarter of 2021.
- Adjusted EBITDA was $336 million, an increase of 81% from the third quarter of 2021.
- Q4 Guidance:
- Revenue:Core advertising revenue of $385 million to $400 million. Retransmission revenue of $345 million to $350 million. Political advertising revenue of $235 million to $245 million. Production company revenue of $35 million to $36 million. Total revenue of $1.017 billion to $1.049 billion vs consensus of $1.15B.
- Operating Expenses: Broadcasting expenses of $565 million to $575 million, including retransmission expense of approximately $225 million and non-cash stock-based compensation expense of approximately $1 million. Production company expenses of approximately $25 million to $26 million. Corporate expenses of $30 million to $34 million, including non-cash stock-based compensation expense of approximately $4 million.
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Gray Television GAAP EPS of $1.09 misses by $0.32, revenue of $909M misses by $41.99M, guides Q4 revenue outlook below the consensus