Gray Television Registers 9% Revenue Decline In Q4 Due To Lack Of Political Advertising Revenue

Gray Television Inc GTN reported a fourth-quarter FY21 revenue decline of 9% year-on-year to $721 million, beating the consensus of $669.4 million.
Broadcasting revenue declined 9% Y/Y to $692 million.
The combined local and national broadcast advertising revenue, excluding political advertising revenue (Total Core Revenue), increased by 26% Y/Y, and retransmission consent revenue increased by 35% Y/Y.
Broadcast Cash Flow was $258 million, a decrease of 39% from Q4 of 2020.
Adjusted EBITDA was $224 million, a decrease of 45% Y/Y.
EPS of $0.17 missed the consensus of $0.21.
"While the quarter did not include political advertising revenue at the robust levels experienced in the fourth quarter of 2020, our total revenues of $721 million were strong for an off-year of the two-year political advertising cycle and higher than our anticipated results due to continued improvement in economic conditions and our acquisition of the Local Media Group of Meredith Corporation on December 1, 2021, and Quincy Media on August 2, 2021."
Outlook: Gray Television sees Q1 FY22 revenue of $789 million - $812 million, above the consensus of $748.9 million.
Price Action: GTN shares closed higher by 0.9% at $20.25 on Thursday.

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