The drop to $234 million comes from lower political that wasn’t offset by increases in local (13%) and national (29%) advertising as well as a 34% boost in retransmission consent money.
QUARTERLY REPORT
Gray Reports 4Q Revenue Down 15%
Gray Television this morning reported fourth quarter revenue of $234 million, down 15% from $276 million in the same period a year earlier.
The revenue results include:
- Local revenue of $121 million, up 13%.
- National revenue of $32 million, up 29%.
- Political revenue of $7.5 million, down 85%.
- Retransmission consent revenue of $70 million, up 34%.
- Other revenue of $4 million, down 26%.
Net income set a record for any fourth quarter at $166 million.
Broadcast operating expenses increased 17% to $151 million.
For the full year, total revenue set a new record, increasing by approximately $70.3 million, or 9%, to $882.7 million compared to 2016.
Read the company’s report here.
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Comments (4)
Debra Rein says:
February 27, 2018 at 8:55 am
Since the company diluted their share base by 25% in 4th quarter I would assume analysts should start looking at those per share net income numbers for next year. They need to drop about 25% to get to reality.
Ron Burrus says:
February 27, 2018 at 11:34 am
Gray and reality in the same sentence is a big stretch.
Cheryl Thorne says:
February 27, 2018 at 1:38 pm
This is what happens when the company is run by someone who inherited the business..and never was involved in running anything in the business….I’ve been shorting this stock for years and it’s been good!!! Thanks Thurston!!!
Cheryl Thorne says:
February 27, 2018 at 1:42 pm
…also you have an Attorney recommending purchasing stations and an attorney running the company and they both do not have a clue!!!