Gray Television, Inc. (NYSE:GTN) Q1 2024 Earnings Call Transcript May 7, 2024
Gray Television, Inc. beats earnings expectations. Reported EPS is $0.936, expectations were $0.54. Gray Television, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning, ladies and gentlemen, and welcome to the Gray Television Q1 2024 Earnings Call. [Operator Instructions] And without further ado, I will now turn the program over to Executive Chairman and CEO, Hilton Howell Jr.
Hilton Howell: Thank you, operator. Good morning everyone. Thank you for joining our First Quarter 2024 Earnings Call. With me here in Atlanta are all of our Executive Officers; Pat LaPlatney, our President and Co-CEO; Sandy Breland, our Chief Operating Officer; Kevin Latek, our Chief Legal and Development Officer; Jim Ryan, our Chief Financial Officer; and for the first time as an Officer of this company, Jeff Gignac, currently our Executive Vice President of Finance. And as you all know, on July 1, Jeff will succeed Jim as the Chief Financial Officer of Gray Television after Jim’s serving 26 years in that Chair and by my count, over 100 public earnings calls. As usual, we will begin with the disclaimer that Kevin will provide.
Kevin Latek : Thank you, Hilton. Good morning everyone. Gray uses its website as a key source of company information. The website address is www.gray.tv. We filed our quarterly report on Form 10-Q with the SEC today. Included on the call may be a discussion of non-GAAP financial measures, and in particular, adjusted EBITDA, leverage ratio denominator and certain leverage ratios. These metrics are not meant to replace GAAP measurements but are provided as supplements to assist the public in its analysis and valuation of our company. Included in our earnings release, as well as on our website are reconciliations of these financial measures to the GAAP measures reported in our financial statements. Certain matters discussed in this call may include forward-looking statements regarding, among other things, future operating results.
Those statements are subject to a number of risks and uncertainties. Actual results in the future could differ from those expressed or implied in any forward-looking statements, as a result of various important factors that have been set forth in the company’s most recent reports filed with the SEC, including our most recent Quarterly Report on Form 10-Q and our most recent earnings release. The company undertakes no obligation to update these forward-looking statements. Now I will turn the call to Hilton.
Hilton Howell: Thank you, Kevin. Once again, Gray Television has begun a new year and an excellent and strong position. It is a testament to the power of our high-quality local news operations that our television stations grew core advertising revenues by 4% over the first quarter of 2023. We are extremely pleased with the superb results from our fantastic in-house sales and business development teams. Throughout our markets, we’re leveraging our intensive sales training and development efforts with our high-quality advertising platforms to deliver results for our advertisers. Our first quarter core advertising results reflect growth in categories, including Automobile and National that have been challenging in the past. We appear to be growing not only revenues but also growing our share of advertising budgets.
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