Graham Holdings Company (NYSE: GHC) shares had yet to move by the opening Wednesday on reporting its financial results for the third quarter of 2024.
Revenue proved $1,207.2 million, up 9% from $1,111.5 million in the third quarter of 2023. Revenues increased at education, television broadcasting, healthcare and automotive, partially offset by declines at manufacturing and other businesses. The Company reported operating income of $81.6 million for the third quarter of 2024, compared to an operating loss of $57.1 million for the third quarter of 2023.
The improvement in operating results is due to goodwill and other long-lived asset impairment charges at World of Good Brands (WGB) and Dekko in the third quarter of 2023 and increases at education, television broadcasting, healthcare and automotive, partially offset by declines at manufacturing and other businesses, excluding the impairments.
The Company reported adjusted operating cash flow (non-GAAP) of $126.1 million for the third quarter of 2024, compared to $83.7 million for the third quarter of 2023. Adjusted operating cash flow improved at education, television broadcasting, healthcare and automotive, partially offset by declines at manufacturing and other businesses. Capital expenditures totaled $23.8 million for 2024’s third quarter and $26.7 million for the third quarter of 2023.
As for how that translated into its stock price, GHC remained static at Tuesday’s close of $789.71.
