Gray Television Beats On Q2; Issues Cautious Outlook

Gray Television, Inc GTN reported second-quarter FY22 revenue growth of 59% year-on-year to $868 million, beating the consensus of $854.4 million.
Broadcasting revenue grew 59% Y/Y to $855 million.
Core advertising revenue increased by 31% Y/Y, and retransmission consent revenue increased by 58% Y/Y.
Broadcast Cash Flow was $327 million, an increase of 79% Y/Y.
Adjusted EBITDA was $309 million, an increase of 82% Y/Y.
EPS of $0.91 beat the consensus of $0.86.
Outlook: Gray Television sees Q3 revenue of $940 million - $959 million, below the consensus of $961.3 million.
Price Action: GTN shares closed higher by 0.36% at $19.63 on Thursday.