Local television broadcasting and media company Gray Television (NYSE:GTN) will be reporting results tomorrow before the bell. Here’s what to look for.

Gray Television missed analysts’ revenue expectations by 1.7% last quarter, reporting revenues of $826 million, up 1.6% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ earnings estimates but a miss of analysts’ Retransmission revenue 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 grow 20.5% year on year to $967.6 million, a reversal from the 11.7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.95 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 missed Wall Street’s revenue estimates three times over the last two years.

Looking at Gray Television’s peers in the broadcasting segment, some have already reported their Q3 results, giving us a hint as to what we can expect. FOX delivered year-on-year revenue growth of 11.1%, beating analysts’ expectations by 5.7%, and E.W. Scripps reported revenues up 14.1%, topping estimates by 2.7%. FOX traded up 4.1% following the results while E.W. Scripps was down 35.1%.

Read our full analysis of FOX’s results here and E.W. Scripps’s results here.

There has been positive sentiment among investors in the broadcasting segment, with share prices up 6% on average over the last month. Gray Television is up 10.8% during the same time and is heading into earnings with an average analyst price target of $9 (compared to the current share price of $5.95).

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