Gray Television slips after dour FY rev forecast

Gray Media

04/11/2022 11:39

** Shares of broadcasting company Gray Television Inc 
 GTN.N  down 1.3% at $13.35 premarket on disappointing results
due to an unexpected pullback in certain key political races
    ** GTN sees Q4 total revenue in the range of $1.017
bln-$1.049 bln, which is below analysts' consensus forecast of
$1.152 bln, as per IBES Refinitiv data
    ** Co reports Q3 EPS of $1.03, increasing more than 400% YoY
but below Wall Street's consensus of $1.41
    ** Q3 total rev stands at $909 mln, missing Wall Street's
expectations of $950.1 mln 
    ** GTN sees FY22 political advertising rev within a range of
$495 mln to $505 mln
    ** Six of seven brokerages rate the stock "buy" or higher,
remaining one going for "hold"; their median PT is $29
    ** Upto last close, stock had fallen 32.9% YTD compared with
a 15.8% decline in the NYSE Composite Index  .NYA 
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))