Gray reports third quarter operating results

Atlanta, nov. 04, 2022 (globe newswire) -- gray television, inc. (“gray,” “we,” “us” or “our”) (nyse: gtn) today announced its strong financial results for the third quarter ended september 30, 2022, including a 417% increase in net income attributable to common stockholders, compared to the third quarter of 2021. overall, the third quarter of 2022 produced record results, including $909 million in total revenue, due to the combination of recent acquisitions, added scale, increasingly efficient integrated operations, and the “on-year” of the two-year political advertising cycle. compared to the third quarter of 2018, the last mid-term election year, our political advertising revenue in the third quarter of 2022 of $144 million grew by 200% on the as-reported basis and by 30% on a combined historical basis. while impressive, these figures fell short of our expectations and guidance issued in early august, due to an unexpected pullback in certain key political races. by october, political advertising revenue increased rapidly in many races in our markets and is expected to remain robust through election day. we currently anticipate that full-year 2022 political advertising revenue will be within a range of $495 million to $505 million.
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