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.
February 23, 2024
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