Gray Political Ad Revenue Falls in Q3
Gray Television Q3 revenue results show much less in political advertising revenue than expected, the company reported Tuesday. Political ad revenue was at $22.3 million, while Wells Fargo had forecast $37 million, analyst Marci Ryvicker emailed investors. Overall Q3 revenue…
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was also less than expected, $204.5 million as opposed to a forecast of $223.8 million, Ryvicker said. Gray also is forecasting lower-than-expected revenue for Q4. “Earlier this year, a large number of races were expected to be highly competitive and political fundraising appeared to be highly encouraging through the summer," said CEO Hilton Howell. “However, actual spending by candidates, political parties and third-parties fell far short of expectations, especially in Gray’s markets.” Howell said the revenue results “make it more likely that Gray will place the highest priority on debt repayment over the next four to five quarters.” Gray stock fell Sept. 21 on concerns about less-than-expected political ad spending as GOP presidential candidate Donald Trump didn't spend as much as past nominees (see 1609210075). Tuesday, Gray shares closed down 10 percent to $7.35.