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Local television broadcasting and media company Gray Television (NYSE:GTN) will be reporting earnings tomorrow before market hours. Here’s what to look for.
Gray Television beat analysts’ revenue expectations by 0.7% last quarter, reporting revenues of $1.05 billion, up 20.9% year on year. It was a satisfactory quarter for the company, with a decent beat of analysts’ adjusted operating income estimates.
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 decline 6% year on year to $773.2 million, a reversal from the 2.7% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.48 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Gray Television has missed Wall Street’s revenue estimates five times over the last two years.
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. Hasbro delivered year-on-year revenue growth of 17.1%, beating analysts’ expectations by 14.8%, and Live Nation reported a revenue decline of 11%, falling short of estimates by 2.8%. Hasbro traded up 15.9% following the results while Live Nation was also up 1.9%.
Read our full analysis of Hasbro’s results here and Live Nation’s results here.
There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 12.7% on average over the last month. Gray Television is up 13.4% during the same time and is heading into earnings with an average analyst price target of $5.20 (compared to the current share price of $3.81).
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