Stock Story -
Local television broadcasting and media company Gray Television (NYSE:GTN) will be announcing earnings results tomorrow before market open. Here's what to look for.
Last quarter Gray Television reported revenues of $803 million, down 11.7% year on year, in line with analyst expectations. It was a weaker quarter for the company, with a miss of analysts' earnings estimates and revenue guidance for next quarter missing analysts' expectations.
Is Gray Television buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Gray Television's revenue to decline 19.5% year on year to $862.7 million, a deceleration on the 48.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.13 per share.
The analysts covering the company have been growing increasingly bullish about the business heading into the earnings, with revenue estimates seeing two upward revisions over the last thirty days. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 1.5%.
Looking at Gray Television's peers in the consumer discretionary segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. FOX's revenues decreased 8.1% year on year, beating analyst estimates by 0.5% and AMC Networks reported revenue decline of 29.6% year on year, exceeding estimates by 0.7%. FOX traded up 5% on the results, and AMC Networks was up 2.8%.
Read the full analysis of FOX's and AMC Networks's results on StockStory.
Investors in the consumer discretionary segment have had steady hands going into the earnings, with the stocks down on average 1.2% over the last month. Gray Television is down 14.8% during the same time, and is heading into the earnings with analyst price target of $12.9, compared to share price of $7.8.
