Gray Q1 net income $75M ($0.79 EPS), core ad +4% YoY; announces $250M debt buyback

GRAY MEDIA, INC

2024-Q1 EPS reported $0.79 revenue$823,000,000

Total revenue $823M (+3% YoY); core advertising $372M (+4% YoY) helped by Super Bowl on 54 CBS stations.
Net income attributable to common $75M ($0.79 diluted EPS) vs loss of $44M ($0.48 loss) in Q1 2023.
Adjusted EBITDA $197M (+21% YoY); leverage ratio 5.63x as of March 31, 2024.
Board authorizes up to $250M to repurchase outstanding debt through Dec 31, 2025.
Q2 guidance: political revenue +55-72% vs Q2 2020; full-year interest expense est. $440M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

GRAY MEDIA, INC updated its the year ending December 31, 2024 guidance (initiated).

Period: the year ending December 31, 2024
Guidance: initiated
Result: guidance update

Exact text from the filing

Year Ending Quarter Ending December 31, 2024 June 30, 2024 Approximate Estimates March 31, 2024 (Guidance) As of May 7, 2024 (Actual) Low High (Guidance) (in millions) Revenue (less agency commissions): Core advertising $ 372 $ 379 $ 385 $ 1,600 Political 27 45 50 Retransmission consent 381 370 375 1,500 Production companies 24 18 19 105 Other 19 16 17 70 Total revenue $ 823 $ 828 $ 846

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GRAY MEDIA, INC reported the first quarter ended March 31, 2024 results: revenue $823 million, net income $75 million, EPS $0.79 per fully diluted share.

Period: the first quarter ended March 31, 2024
Revenue: $823 million
Net income: $75 million
EPS: $0.79 per fully diluted share
Result: reported results

Exact text from the filing

Gray Television, Inc. ( “ Gray, ” “ we, ” “ us ” or “ our ” ) (NYSE: GTN) today announced financial results for the first quarter ended March 31, 2024, reflecting our total revenue of $823 million and total operating expenses (before depreciation, amortization and loss on disposal of assets) of $632 million.

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Source: SEC EDGAR

accession 0001437749-24-014920

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