Gray Television ( (GTN) ) has released its Q3 earnings. Here is a breakdown of the information Gray Television presented to its investors.
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Gray Television, Inc. is a multimedia company based in Atlanta, Georgia, owning top-rated local television stations and digital assets in the United States, and providing digital marketing services through Gray Digital Media.
Gray Television reported a robust third-quarter performance in 2024, with a significant increase in total revenue and net income. The company highlighted a projected $500 million in political advertising revenue and an equal amount in net debt reduction for the year 2024.
Key financial metrics included a total revenue of $950 million, marking an 18% increase from the previous year, and an impressive 565% rise in political advertising revenue. The company achieved a net income of $83 million, a turnaround from a net loss in the same period in 2023, and reported an adjusted EBITDA increase of 61% due to political advertising gains. Gray Television also undertook strategic debt reduction measures, repurchasing and paying down significant portions of its outstanding debt.
Looking ahead, Gray Television anticipates challenges in core advertising revenue due to political ad displacement and network changes, particularly affecting Southeastern markets. However, the company remains committed to cost containment initiatives, aiming for further operational efficiencies and debt reduction in 2025.
