Gray Media reports Q3 EPS 86c, consensus 92c

Reports Q3 revenue $950M, consensus $967.56M. The company said, “Our results in the Q3 were largely in line with our guidance, with the exception of political advertising revenues, which, while strong, were slightly below our expectations. Our broadcast and corporate operating expenses were much lower than expectations. Our total revenue and our Core advertising revenue were within our guidance range at $950M and $365M, respectively, with Core advertising revenue up 1% compared to the third quarter of 2023. Our local television stations in several Southeastern markets experienced reductions in Core and political advertising revenues during late September, due to their extensive, often round-the-clock and commercial-free coverage of Hurricane Helene to support those affected communities in the Q3.”