Gray Television Tops Q1 Backed By Robust Broadcasting Revenue; Issues Strong Q2 Guidance

• Gray Television, Inc (NYSE:GTN) reported first-quarter FY22 revenue growth of 52% year-on-year to $827 million, beating the consensus of $803.97 million.
• Broadcasting revenue grew 52% Y/Y to $804 million.
• Core advertising revenue increased by 40% Y/Y, and retransmission consent revenue increased by 59% Y/Y. 
• Broadcast Cash Flow was $271 million, an increase of 61% Y/Y.
• Adjusted EBITDA was $251 million, an increase of 64% Y/Y.
• EPS of $0.52 beat the consensus of $0.37.
• Outlook: Gray Television sees Q2 revenue of $846 million - $864 million, above the consensus of $824 million.
• Price Action: GTN shares closed lower by 1.43% at $19.32 on Thursday.