Gray Television (NYSE: GTN) reported Q2 EPS of $0.46, $0.07 better than the analyst estimate of $0.39. Revenue for the quarter came in at $250.3 million versus the consensus estimate of $252.19 million.

GUIDANCE:

Third Quarter of 2018 Revenue Outlook based on our current forecasts for the third quarter of 2018, we anticipate the following changes from the third quarter of 2017:

• We believe our third quarter of 2018 local advertising revenue (including internet/digital/mobile) will change to be within a range of approximately $107.0 million to $110.0 million, representing a -3% to +0% change.
• We believe our third quarter of 2018 national advertising revenue will change to be within a range of approximately $28.5 million to $29.5 million, representing a -8% to -5% change.
• We believe our third quarter of 2018 political advertising revenue will be within a range of approximately $41.0 million to $45.0 million. After giving effect to stations acquired and divested since 2014, we earned $41.1 million of political advertising revenue in the third quarter of 2014 which was the most recent non-presidential election year. We estimate that our political advertising revenue for the third quarter of 2018 will be equal to or as much as +9% greater than that of the third quarter of 2014.
• We anticipate that our gross retransmission revenue for calendar year 2018 will be within a range of approximately $350.0 million to $353.0 million and net retransmission revenue will be within a range of approximately $182.0 million to $184.0 million. We believe our third quarter of 2018 retransmission consent revenue will be within a range of approximately $90.0 million to $92.0 million.

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