Gray Television, Inc. reported significant financial improvements in its third quarter and nine-month results for 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenue reached $950 million, an increase of 18% from $803 million in 2023. Broadcasting revenue alone surged to $924 million, up from $783 million. The growth was driven by a substantial rise in political advertising revenue, which soared to $173 million from just $26 million in the prior year, reflecting the impact of the election cycle.

Operating income for the third quarter was $250 million, a notable increase from $84 million in 2023. Net income for the quarter was $96 million, recovering from a loss of $40 million in the same period last year. This translated to a basic net income per share of $0.87, compared to a loss of $0.57 in 2023. For the nine months ended September 30, 2024, total revenue was $2.599 billion, up from $2.417 billion, with net income attributable to common stockholders at $167 million, a significant turnaround from a loss of $106 million in 2023.

The company’s total current assets increased to $576 million as of September 30, 2024, from $468 million at the end of 2023, while total liabilities decreased to $7.851 billion from $8.019 billion. Long-term debt, less current portions, was reduced to $5.870 billion from $6.145 billion, indicating effective debt management strategies.

Strategically, Gray Television completed a transaction on July 1, 2024, selling television stations KCWY and KGWN to Marquee Broadcasting, which resulted in a non-cash loss of $14 million. The company also issued $1.25 billion in Senior Secured First Lien Notes due 2029, using the proceeds to pre-pay a $1.2 billion tranche of its 2019 Term Loan and repurchase $690 million of 2026 Notes.

Operationally, the company is focusing on cost containment initiatives expected to reduce operating expenses by at least $60 million annually starting in 2025. Additionally, a one-time charge of approximately $2 million is anticipated in Q4 2024 due to these measures. As of September 30, 2024, Gray Television had cash reserves of $69 million, significantly up from $21 million at the end of 2023, and borrowing availability under its Revolving Credit Facility increased to $674 million from $494 million.