- Gray Television, Inc GTN reported a Q1 2023 revenue decline of 3% Y/Y to $801 million, beating the consensus of $788.82 million.
- Broadcasting revenue fell 2% Y/Y to $779 million. Core advertising revenue declined 2% Y/Y, while retransmission consent revenue increased 1% Y/Y.
- Broadcasting operating expenses rose 5% Y/Y to $555 million.
- EPS loss of $(0.48) came below the consensus of $(0.26).
- Broadcast Cash Flow Less Cash Corporate Expenses was $162 million, down from $248 million a year ago.
- Net cash flow from operating activities increased significantly to $412 million from $141 million a year ago.
- Dividend: GTN declared a dividend per share of $0.08, payable on June 30, 2023, to shareholders of record as on June 15, 2023.
- Outlook: Gray Television sees Q2 revenues of $784 million- $802 million (vs. consensus of $803.82 million), with revenues from Core advertising of $362 million-$374 million and Retransmission of $390 million-$393 million.
- Broadcasting operating expenses are expected to be $560 million-$570 million in Q2 2023.
- Price Action: GTN shares are trading lower by 0.37% at $6.68 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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