Local television broadcasting and media company Gray Television (NYSE: GTN) will be announcing earnings results this Friday before market hours. Here’s what to expect.
Gray Television met analysts’ revenue expectations last quarter, reporting revenues of $768 million, down 1.8% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates.
Is Gray Television a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Gray Television’s revenue to grow 3% year on year, a reversal from the 6.5% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Gray Television has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Gray Television’s peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Paramount posted flat year-on-year revenue, beating analysts’ expectations by 0.7%, and AMC Networks reported a revenue decline of 8.8%, falling short of estimates by 1.2%. Paramount traded up 4.4% following the results while AMC Networks was also up 9.3%.
Read our full analysis of Paramount’s results here and AMC Networks’s results here.
Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. Gray Television is up 11.5% during the same time and is heading into earnings with an average analyst price target of $6.50 (compared to the current share price of $4.35).
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