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Gray Television at two-year lows as political ads ding earnings

Nov. 08, 2016 1:33 PM ETGray Television, Inc. (GTN) StockBy: Jason Aycock, SA News Editor
  • Gray Television (NYSE:GTN) has slid 9.2% to two-year lows after rolling out Q3 earnings where revenues missed despite 35% growth to a record total, and profits were far off expectations.
  • Revenues grew 35% to $204.5M, with a boost from political revenue (though not entirely due to those ads), but core revenue was flat (inventory displacement came from politics and the Olympics). Political revenue unsurprisingly jumped 385% to $22.3M -- still a disappointment.
  • "This year's political election season presented extraordinary challenges from the top of the ticket to the bottom, especially after mid-September," said CEO Hilton H. Howell. "These challenges created a 'perfect storm' for our political revenue."
  • For Q4, it's guiding to revenue of $230M-$237M (well below consensus for $250.1M), featuring political ad revenue of $47M-$48M.
  • Press Release

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