The Arlington, Va., diversified company that once owned The Washington Post through its historical ties to the late Katharine Graham has released its third quarter earnings report, and investors responded with glee, sending shares in Graham Holdings Co. stock upward by 6.6% in Wednesday’s trading session.
How did the Graham Media Group unit perform?
Revenue for the third quarter grew by 9% to $1.207 billion, from $1.112 billion.
The good news: Improved income in its education, television broadcasting, healthcare and automotive segments partially offset declines at Graham’s manufacturing and other businesses.
The improvements helped Graham achieve operating income of $81.6 million for the third quarter of 2024, compared to an operating loss of $57.1 million for the year-ago period.
While the healthcare segment enjoyed 34% year-over-year growth for Graham Holdings, the broadcast TV division saw its operating revenue grow by 25% in Q3, to $145.42 million from $116.11 million. With operating expenses trimmed to $83.51 million from $84.17 million, operating income for Graham Media Group surged by 94% by $61.91 million, from $31.95 million.
And, adjusted operating cash flow for Graham Media Group surged by 81% in Q3, to $67.56 million from $37.26 million.
Graham Media Group stations are comprised of properties in Jacksonville and Orlando, Fla.; Houston and San Antonio, Tex.; Roanoke-Lynchburg; and Detroit. They are led by Catherine Badalamente.
