TEGNA (NYSE: TGNA) reported Q1 EPS of $0.33, $0.02 better than the analyst estimate of $0.31. Revenue for the quarter came in at $502.09 million versus the consensus estimate of $498.04 million.

Highlights for the first quarter of 2018:

• Revenue was 12 percent higher year-over-year, at the high end of guidance range previously provided, excluding terminated digital businesses; GAAP company revenue from continuing operations grew nine percent year-over-year.
• Three months of sequential growth in total paid subscribers including customers from streaming OTT services.
• Subscription revenue up 13 percent year-over-year and full year guidance for subscription revenue raised to up in the mid-teens.
• Adjusted EBITDA totaled $157 million, an eight percent increase from the first quarter of 2017.
• GAAP earnings per diluted share from continuing operations were $0.25. Non-GAAP* earnings per diluted share from continuing operations were $0.33, an increase of 32 percent year-over-year.
• Premion tracking toward full year 2018 guidance, doubling last year’s revenue of $30 million; entered partnership with Major League Baseball to deliver local and regional ads on MLB.TV nationwide and in TEGNA’s 39 markets.
• Completed $325 million acquisition of KFMB, the CBS-affiliated station in San Diego, KFMB-D2 (CW) and radio broadcast stations KFMB-AM and KFMB-FM in San Diego on February 15, 2018.

“We entered 2018 with a solid foundation for growth. Excluding the impact of the terminated digital businesses, our revenue this quarter grew 12 percent year-over-year, at the high end of our guidance. Even without the benefit of Super Bowl, Olympic and political advertising, revenue grew nearly six percent on a non-GAAP comparable basis,” said Dave Lougee, president and chief executive officer, TEGNA. “Furthermore, three months of sequential growth in total paid subscribers underscores how stable this important revenuestream is for our company and a reflection of how critical our strong broadcast affiliates are to virtual MVPDs. Our growth strategy continues to open up new markets, including a new partnership for Premion that allows us to sell to streaming subscribers of Major League Baseball’s MLB.TV. And the closing and integration of our Midwest Television transaction in San Diego reinforces our proven ability to be a disciplined and strategic consolidator.”

For earnings history and earnings-related data on TEGNA (TGNA) click here.