The rise to $219 million is driven by increases in local (8%) and national (22%) advertising as well as a 37% boost in retransmission consent money.
Gray Television this morning reported third quarter revenue of $219 million, up 7% from the same quarter of 2016.
The revenue results include:
- Local revenue of $119 million, up 8%.
- National revenue of $31 million, up 22%.
- Political revenue of $4 million, down 82%.
- Retransmission consent revenue of $70.2 million, up 37%.
- Other revenue of $3.8 million, up 7%.
Net income set a third quarter record of $15.3 million.
The company said: “Our total advertising revenue for the third quarter of 2017 was near the high end of our guidance range. In particular, our combined local and national advertising revenue increased by approximately $13.5 million, or 11%, in the third quarter of 2017 compared to the third quarter of 2016. In addition, our political advertising revenue significantly exceeded the high end of our guidance. We recorded broadcast and corporate and administrative expenses that were below the low end of our guidance.
“That range for broadcast expenses included the assumption that non-cash stock based compensation awards of approximately $3.4 million would be granted to certain non-executive employees during the third quarter. However, those awards were not made until October 2017. This performance produced fully diluted net income per share in the third quarter and first nine months of 2017 of $0.21 and $1.33, respectively.”
Read the company’s report here.