Gray Television (GTN) Tops Q1 EPS by 9c

Gray Television (NYSE: GTN) reported Q1 EPS of $0.27, $0.09 better than the analyst estimate of $0.18. Revenue for the quarter came in at $544 million versus the consensus estimate of $530.4 million.

Guidance for the Three-Months Ending June 30, 2021 :

Based on our current forecasts for the quarter ending June 30, 2021 (the “Second quarter of 2021”), we anticipate changes from the quarter ended June 30, 2020 (the “Second quarter of 2020”), as outlined below:

Revenue:

• Local revenue will increase by 33% to 35% to approximately $215 to $218 million.
• National revenue will increase by 61% to 67% to approximately $57 to $59 million.
• Total Core Revenue will increase by 38% to 40% to approximately $272 to $277 million.
• Political revenue will decrease by 81% to 86% to approximately $3 to $4 million.
• Retransmission revenue will increase by 11% to 12% to approximately $245 to $247 million.
• Total broadcasting revenue will increase by 18% to 20% to approximately $530 to $540 million.
• Production company revenue will increase to approximately $8 to $9 million.

Operating Expenses (before depreciation, amortization and gain/loss on disposal of assets, net):

• Broadcasting expenses will increase by 11% to 13%, to approximately $360 to $365 million. This increase primarily reflects an increase in retransmission expense by approximately $21 million.
• Production company expenses will increase to approximately $9 to $10 million.
• Corporate expenses will be approximately $17 to $20 million due primarily to increased professional fees related to pending transactions.

For earnings history and earnings-related data on Gray Television (GTN) click here.

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