Gray Television Inc GTN reported a second-quarter FY23 sales decline of 6.3% year-on-year to $813 million, beating the analyst consensus of $798.10 million.
EPS loss of $(0.10) beat the consensus estimate of $(0.23).
Core Advertising Revenue in the quarter was $379 million, an increase of 4% Y/Y.
Total broadcasting expenses increased 4.5% to $552 million.
Television stations' core advertising revenue increased 4% on a Y/Y basis. The company hailed the performance of its television stations during the quarter.
Operating income decreased 45% to $119 million, with an operating margin of 14.6%.
Operating cash flow for six months was $459 million.
Outlook: Gray Television sees Q3 revenue of $780 million - $801 million versus the consensus of $811.53 million.
The company anticipates television station operations to grow advertising revenues during the remainder of 2023 and future years.
Price Action: GTN shares are trading higher by 22.11% at $10.66 on the last check Friday.
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