Gray Television revised its third quarter earnings estimate to better reflect what appears to be an improving economy. Gray had initially forecasted earnings of $63-$64 million, but upgraded that to around $66 million for the quarter that ended Sept. 30.
Gray had initially released its forecast Aug. 7, but said "our anticipated operating results have improved due to higher than expected political issue advertising related to the current national debate on health care reform." Gray also said its operating expenses will be at the lower end of the range it previously issued.
Yesterday, Sinclair reported that it expects earnings to be down around 9.4% for the third quarter, an improvement over the 15.7% slip it initially forecasted.
Gray's stock traded at $2.31 at presstime. It opened at $2.35 yesterday.
Atlanta-based Gray operates 36 stations, including 17 CBS affiliates.