TEGNA (TGNA) Tops Q3 EPS by 2c, Revenues Beat

TEGNA (NYSE: TGNA) reported Q3 EPS of $0.40, $0.02 better than the analyst estimate of $0.38. Revenue for the quarter came in at $539 million versus the consensus estimate of $536.94 million.

“We continue to execute growth in shareholder value with another quarter of strong results driven by an increase in year-over-year paid subscribers, strong subscription revenue, and record political revenue,” said Dave Lougee, president and chief executive officer, TEGNA. “Our portfolio is evolving, and we remain focused on growing these stable and profitable revenue streams. As a result, we expect the mix of high margin subscription and political revenues will comprise approximately half of our total two-year revenue beginning in 2019/2020, and a larger percentage on a rolling two-year cycle, allowing us to continue to deliver value to our shareholders, regardless of cyclical or economic conditions. Demand for Premion also remains strong and it is on track to achieve our increased revenue guidance of $75 million. Finally, our recently announced acquisitions of WTOL and KWES will contribute to our growth and continues our track record of creating value through M&A.”

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

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