Gray Television (GTN) Reports Earnings Tomorrow: What To Expect

Local television broadcasting and media company Gray Television (NYSE:GTN) will be announcing earnings results tomorrow before the bell. Here's what to expect.

Gray Television met analysts' revenue expectations last quarter, reporting revenues of $864 million, down 19.4% year on year. It was a weaker quarter for the company, with a miss of analysts' earnings estimates and revenue guidance for next quarter falling below analysts' expectations.

Is Gray Television a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Gray Television's revenue to grow 3% year on year to $825 million, a reversal from the 3.1% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.43 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Gray Television has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 0.9% on average.

Looking at Gray Television's peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Paramount delivered year-on-year revenue growth of 5.8%, meeting analysts' expectations, and Hasbro reported a revenue decline of 24.3%, topping estimates by 2.2%. Paramount traded down 7.2% following the results while Hasbro was up 11.8%.

Read our full analysis of Paramount's results here and Hasbro's results here.

Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed inflation signals have led to uncertainty around rate cuts, and while some of the consumer discretionary stocks have fared somewhat better, they have not been spared, with share prices down 3.4% on average over the last month. Gray Television is up 11.1% during the same time and is heading into earnings with an average analyst price target of $10.4 (compared to the current share price of $6.48).

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