Gray Television (GTN) Misses Q3 EPS by 13c

Gray Television (NYSE: GTN) reported Q3 EPS of $0.26, $0.13 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $204.5 million versus the consensus estimate of $220.35 million.

Hilton H. Howell, Jr., Gray's Chairman and CEO, commented, "This year's political election season presented extra-ordinary challenges from the top of the ticket to the bottom, especially after mid-September. These challenges created a 'perfect storm' for our political revenue. Earlier this year, a large number of races were expected to be highly competitive and political fundraising appeared to be highly encouraging through the summer. However, actual spending by candidates, political parties and third-parties fell far short of expectations, especially in Gray's markets."

Mr. Howell continued, "The political uncertainty also appears to have led to significant economic uncertainty and created new headwinds for our core business that we hope will dissipate as the results of today's elections are announced tonight. In any event, the political revenue results and uncertain macro environment make it more likely that Gray will place the highest priority on debt repayment over the next four to five quarters."

For earnings history and earnings-related data on Gray Television (GTN) click here.

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