The increase to $226.3 million was boosted by higher local and political advertising as well as a 27% rise in retrans. Factoring out three stations it acquired between the year-ago period, revenue grew 6.8% to $217 million.
Gray Reports Its 1Q Revenue Grew 11%
Gray Television this morning reported first quarter revenue of $226.3 million, increasing $22.8 million, or 11%, from the first quarter of 2017.
The revenue results include:
- Local revenue (including internet, digital and mobile) of $105.5 million, up 3% from $102.6 million from 1Q 2017.
- National revenue of $24.5 million, down 1% from $24.8 million.
- Political revenue of $5.8 million, up 337% from $1.3 million.
- Retransmission consent revenue of $85.6 million, up 27% from $67.6 million.
- Other revenue of $5 million, down 31% from $7.2 million.
Gray acquired three television stations between April 1, 2017, and March 31, 2018. Collectively, these three television stations accounted for $9.6 million of the increase in total revenue for the first quarter of 2018. Including the revenue attributable to these three stations, local and national advertising revenue increased, in part, due to the $2.3 million of revenue we earned from the broadcast of the 2018 Super Bowl on our NBC-affiliated stations, compared to $0.6 million that we earned from the broadcast of the 2017 Super Bowl on its Fox-affiliated stations. In addition, revenue from the broadcast of the 2018 Winter Olympic Games on its NBC-affiliated stations was approximately $5.5 million.
Net income totaled $19.9 million, up 89.8% from 1Q 2017.
Broadcast operating expenses increased $16.1 million, or 12%, to $149.7 million for the first quarter of 2018 compared to the first quarter of 2017. The three television stations acquired between April 1, 2017, and March 31, 2018, collectively, accounted for $6.6 million of the increase in broadcast operating expenses for the first quarter of 2018.
Read the company’s report here.