Gray Television Reports Strong Financial Results for Third Quarter

Gray Television, Inc., a Georgia-based company, recently released a press release on November 8, 2024, disclosing its financial performance for the three and nine-month periods ending September 30, 2024. According to the details outlined in a Form 8-K filing with the United States Securities and Exchange Commission, the company reported significant growth in key financial areas.

The company reported a net income of $15.8 million for the third quarter, showcasing a substantial increase of 30.8% from $12.1 million in the same period last year. Diluted earnings per share (EPS) were reported at $0.44 per share, a notable uptick of $0.09 compared to $0.35 for the third quarter of 2023. Additionally, core net income for the quarter amounted to $16.9 million, marking a 31.2% increase from $12.9 million in the previous year, with core diluted EPS at $0.47, up from $0.37 per share in the corresponding period.

The company’s loan production data also showed robust growth trends, with loan production totaling $476.8 million in unpaid principal balance (UPB) for the third quarter. This represented a significant increase of 12.9% from the second quarter of 2024 and an impressive 64.1% surge from the third quarter of 2023.

Gray Television highlighted its strong portfolio performance, reporting a total loan portfolio of $4.8 billion in UPB as of September 30, 2024, representing a substantial 22.6% increase from the previous year. The company also noted improvements in portfolio net interest margin (NIM), which stood at 3.60% for the third quarter, up 26 basis points from the same period in 2023.

Nonperforming loans (NPL) saw a modest increase in the third quarter, with NPL resolutions generating gains of $2.3 million, demonstrating a 103.4% realization of UPB resolved.

Moreover, the financial report outlined the company’s liquidity position, indicating liquidity of $92.8 million and total available warehouse line capacity of $349.3 million as of September 30, 2024.

The company’s efforts in the securitization market were highlighted, with the completion of the VCC 2024-4 and VCC 2024-5 securitizations, totaling $253.6 million and $300.4 million in issued securities, respectively.

Gray Television’s positive financial performance reflects its strategic initiatives and operational efficiency in navigating current economic conditions. The company remains focused on growth strategies to drive future success and enhance shareholder value.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Gray Television’s 8K filing here.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.