Gray Television (GTN) Misses Q2 Earnings and Revenue Estimates

Financial Performance - Gray Television reported quarterly earnings of $0.09 per share, missing the Zacks Consensus Estimate of $0.10 per share, compared to a loss of $0.10 per share a year ago, indicating an earnings surprise of -10% [1] - The company posted revenues of $826 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.96%, but showing an increase from year-ago revenues of $813 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once, while it has topped consensus revenue estimates three times [2] Stock Performance - Gray Television shares have lost about 41.3% since the beginning of the year, contrasting with the S&P 500's gain of 9% [3] - The current status of estimate revisions is unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is $1.48 on $1.01 billion in revenues, and $5.15 on $3.88 billion in revenues for the current fiscal year [7] - The outlook for the industry, specifically the Broadcast Radio and Television sector, is currently in the bottom 25% of the Zacks industry rankings, which may negatively impact stock performance [8]