Graham Holdings Company has released its second quarter 2024 earnings results, and the diversified multi-industry entity enjoyed a 7% revenue rise to $1.19 billion during the three-month period. That gain is thanks to gains at its education, healthcare and automotive divisions.
The revenue improvement could have been higher — had it not been for a decline at Graham Media Group.
Operating revenue for Graham’s television broadcasting division fell by 3% to $115.48 million from $118.83 million in the quarter, despite a dip in operating expenses to $84.35 million from $85.64 million.
As such, operating income declined by 6% in Q2 to $31.13 million, from $33.19 million.
Adjusted operating cash flow was down by 4%, to $36.77 million, from $38.45 million.
The company did not elaborate on its TV industry performance during the quarter.
GMG is led by CEO Catherine Badalamente, and is comprised of broadcast TV stations in in its home market of Detroit and in Orlando and Jacksonville, Fla.; Roanoke, Va.; Houston and San Antonio, Tex.; and Roanoke-Lynchburg, Va.
Investors responded to the Q2 report, which saw Graham Holdings report a loss per share of -$4.78 compared to a profit of $25.96 per share in Q2 2023, by selling off GHC shares at its five-year high.
As of Noon Eastern, Graham stock was priced at $749.85, down 3.2%. Still, it represents a 1% gain from five years ago and substantial improvement from the depths of the COVID-19-fueled pandemic dip in Spring 2020.
