Gray Television's shares dropped to a 12-month low after reporting a 19.4% decline in Q4 sales to $864M and an EPS loss of $0.24.

Gray Television's shares dropped to a new 12-month low after reporting a 19.4% decline in annual Q4 sales to $864M, below the analyst consensus of $863.31M. EPS loss of $0.24 missed the consensus loss of $0.16. Despite a 2% increase in core advertising revenue, the company's broadcast cash flow fell by 49% due to decreased political advertising. CFO Jim Ryan announced his retirement, with Jeff Gignac from Wells Fargo Securities set to take over the CFO role in July 2024.