NEWS RELE FOR IMMEDIATE RELEASE Thursday, November 7, 2024 TEGNA Inc. Reports Third Quarter 2024 Results and Provides Fourth Quarter 2024 Guidance Exceeds third quarter key guidance metrics and reaffirms full-year 2024 key guidance metrics Reports record third quarter political revenue Returns more than $90 million of capital to shareholders, on track to meet commitment to return approximately $350 million of capital in 2024 Tysons, Va. – TEGNA Inc. (NYSE: TGNA) today announced financial results for the thi ...

The upcoming report from TEGNA Inc. (TGNA) is expected to reveal quarterly earnings of $0.83 per share, indicating an increase of 112.8% compared to the year-ago period. Analysts forecast revenues of $792.44 million, representing an increase of 11.1% year over year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Prior to a company's ea ...

TEGNA (TGNA) shares have declined 9% year to date (YTD), underperforming the broader Zacks Consumer Discretionary Sector's appreciation of 2.4%. It has also lagged the Zacks Broadcast Radio and Television industry and peers like Netflix (NFLX) , Fox (FOXA) and Nexstar Media Group (NXST) . Over the same time frame, shares of Netflix, Fox and Nexstar Media have gained 41%, 31.1% and 2.4%, respectively, while the industry has appreciated 49.1%. TGNA shares underperformance can be attributed to lower top-line g ...

Melissa Kopka Shares of TEGNA (NYSE:TGNA) have been a poor performer over the past year, despite significant shaare repurchases, as investors continue to be concerned about cord- outtines of the future of broadeast television. I last overed TEGNA in May, rating shares a "strong buy" given its free eash flow capacity, but since then, the stock is down 5% even as the market has risen by 5%. This underperformance has come even as the company should see a major financial benefit from outsized political spending ...

It has been about a month since the last earnings report for TEGNA Inc. (TGNA) . Shares have lost about 0.3% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is TEGNA due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. TEGNA Q2 Earnings Beat Estimates, Revenues Fall Y/ ...

DENVER, Aug. 20, 2024 /PRNewswire/ -- ALLCITY Network, the operator of multi-platform local sports networks, has raised its Series B funding. The round is led by public broadcast company, TEGNA (NYSE: TGNA). Existing investors Mosaic General Partnership and Bullpen Capital also participated in the round. The TEGNA investment brings ALLCITY Network's total funding beyond $25M and further accelerates the company's position within the digital sports industry. In addition to the investment, ALLCITY and TEGNA ha ...

TEGNA's (TGNA) second-quarter 2024 non-GAAP earnings of 50 cents per share beat the Zacks Consensus Estimate by 2.04% and increased 13.6% on a year-over-year basis. Revenues declined 2.9% year over year to $710.4 million and missed the Zacks Consensus Estimate by 1.02%. The year-over-year decline was primarily due to lower subscription and advertising and marketing services revenues, partially offset by higher political advertising dollars. During the second quarter, TEGNA returned more than $93 million of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 TEGNA INC. (Exact name of registrant as specified in its charter) Delaware 16-0442930 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Ident ...

Financial Data and Key Metrics Changes - Total company revenue for Q2 2024 decreased by 3% year-over-year, primarily due to lower subscription and advertising marketing services revenues, partially offset by higher political advertising [17][5] - Subscription revenue fell by 7% year-over-year, attributed to subscriber declines, although partially offset by contractual rate increases [17][18] - Adjusted EBITDA was $176 million, and adjusted free cash flow was $131 million during Q2 [22] Business Line Data and Key Metrics Changes - Advertising and marketing services (AMS) revenue decreased by 5% year-over-year due to a decline in national advertising demand, while local advertising remained resilient [18] - Premion local revenue experienced low double-digit growth year-over-year, while national Premion revenue remained challenging, resulting in flat non-political Premion revenue year-over-year [19][18] Market Data and Key Metrics Changes - Local advertising showed strength in categories such as services, entertainment, banking and finance, and restaurants, while automotive, home improvement, retail, healthcare, and media telecom were weaker [18] - The company expects strong bookings from political ad spending and the summer Olympics to positively impact Q3 revenue, forecasting a 9% to 12% year-over-year increase [23] Company Strategy and Development Direction - The company is focused on capitalizing on the growth of CTV advertising through Premion, with expectations for revenue growth to increase in the coming years [19][6] - A cost reduction initiative aims to generate $90 million to $100 million in annualized savings by the end of 2025, targeting reductions in operating expenses outside of high-growth areas [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted a sluggish and uncertain economic environment affecting national ad spend, but local advertising is performing better due to increased spending from small and medium local businesses [5][6] - The upcoming election cycle is expected to drive record political ad spending, with the company well-positioned to capture a share of linear and OTT political ad dollars [8][9] Other Important Information - The company has returned approximately $196 million of capital to shareholders in the first half of 2024 through share repurchases and dividends, achieving 56% of its $350 million commitment for the year [16] - The company ended Q2 with total debt of $3.1 billion and cash of $446 million, maintaining a net leverage of 2.9x [22][23] Q&A Session Summary Question: How should we think about the potential upside from political advertising? - Management indicated that new enthusiasm and fundraising on the Democratic side could positively impact political ad spending, but emphasized the need to consider the starting point for comparisons [26][27] Question: What are the trends in local advertising? - Local advertising remains resilient, with a noted decline in national advertising, particularly in the automotive sector, which has shown improvement in Q3 [37][38] Question: Can you provide insights on retransmission revenue? - Management confirmed that net retransmission revenue is stable, with a mix of traditional and digital subscribers impacting overall revenue [40][43] Question: What is the outlook for the U.S. economy? - Management expressed a mixed outlook, noting concerns but also potential for a soft landing, with advertisers remaining cautious [57][59] Question: What are the key areas for future growth? - Future growth is expected to come from strategic use of local content, programming, and potential regulatory relief, with a focus on leveraging the company's strong local brands [52][53]

TEGNA Inc. (TGNA) reported $710.36 million in revenue for the quarter ended June 2024, representing a yearover-year decline of 2.9%. EPS of $0.50 for the same period compares to $0.44 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $717.66 million, representing a surprise of -1.02%. The company delivered an EPS surprise of +2.04%, with the consensus EPS estimate being $0.49. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and h ...