Gray Television (NYSE: GTN) reported mixed Q4 results, with revenues topping estimates and earnings falling short of analysts’ expectations.
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Despite the earnings miss, after the results were announced, shares of the television broadcasting company gained 9.4% on February 25 as investors cheered the FY2022 revenues outlook, which exceeded street expectations.
Mixed Q4 Numbers
Adjusted earnings of $0.17 per share fell short of analysts’ expectations of $0.21 per share. The company reported earnings of $2.24 per share for the prior-year period.
Although revenues decreased 9% year-over-year to $721 million, it exceeded consensus estimates of $669.43 million. The decline in revenues reflects a cyclical decline in political advertising revenue.
FY2022 Outlook
Based on Q4 results, management provided financial guidance for FY2022. The company now forecasts revenues in the range of $789 million to $812 million, versus the consensus estimate of $748.87 million.
Analysts Recommendation
The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 2 Buys. The average Gray Television stock price projection of $25.50 implies 15.07% upside potential to current levels.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 100% Bullish on GTN stock, compared to a sector average of 68%.
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