Gray Television Reports Mixed Q4 Numbers; Shares Rise 9.4%

Gray Television (NYSE: GTN) reported mixed Q4 results, with revenues topping estimates and earnings falling short of analysts’ expectations.

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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