TEGNA (TGNA) Tops Q1 EPS by 7c
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TEGNA (NYSE: TGNA) reported Q1 EPS of $0.52, $0.07 better than the analyst estimate of $0.45. Revenue for the quarter came in at $727 million versus the consensus estimate of $710.18 million.
SECOND QUARTER AND FULL-YEAR 2021 OUTLOOK:
In the second quarter of 2021, TEGNA results are expected to continue to be supported by the growth drivers of strong subscription revenue and the continued recovery of advertising and marketing services revenue.
TEGNA expects to have elevated second quarter cash tax payments of $120 - $125 million due to our record 2020 results.
For the second quarter of 2021, the company expects:
Second Quarter 2021 Key Guidance Metrics | ||
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Reflects expectations relative to second quarter 2020 results | ||
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Total Company GAAP Revenue |
| + Mid-to-High Twenties percent |
Total Non-GAAP Operating Expenses |
| + Low-Double Digits percent |
Non-GAAP Operating Expenses (excluding programming) | + Low-Double Digits percent |
TEGNA is reaffirming 2021 guidance metrics as provided on April 14, 2021. This includes updated guidance for free cash flow as a percentage of estimated combined 2020-2021 revenue, and for the 2021 net leverage ratio and reiterated guidance for all other metrics provided on January 6, 2021:
Full-Year 2021 Key Guidance Metrics | ||
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Subscription Revenue Growth |
| + Mid-to-High Teens percent3 |
Corporate Expenses |
| $44 - 48 million |
Depreciation |
| $62 - 66 million |
Amortization |
| $60 - 65 million |
Interest Expense |
| $187 - 192 million |
Capital Expenditures (Non-recurring capital expenditures) |
| $64 - 69 million (including $20 - 22 million non-recurring) |
Effective Tax Rate |
| 24.0 - 25.0% |
Net Leverage Ratio |
| Low 3x |
Free Cash Flow as a % of est. combined 2020/21 Revenue |
| 21.0 - 22.0% |
For earnings history and earnings-related data on TEGNA (TGNA) click here.
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