TEGNA Inc Announces Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
TEGNA Inc. Announces Q2 2024 Financial Results
TEGNA Inc. (NYSE: TGNA) released its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics:
| Financial Metric | Q2 2024 | Q2 2023 | Year-Over-Year Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $710 million | $731 million | -3% | $715.28 million |
| GAAP EPS | $0.48 | (Not provided) | (Not provided) | $0.48 |
| Non-GAAP EPS | $0.50 | (Not provided) | (Not provided) | (Consensus not provided) |
| Adjusted EBITDA | $176 million | (Not provided) | -10% | (Consensus not provided) |
| Net Income (GAAP) | $82 million | (Not provided) | (Not provided) | (Consensus not provided) |
| Net Income (Non-GAAP) | $86 million | (Not provided) | (Not provided) | (Consensus not provided) |
TEGNA's total revenue slightly missed the Wall Street consensus of $715.28 million, posting $710 million, a 3% decline year-over-year primarily due to lower subscription and advertising and marketing services ("AMS") revenues. GAAP earnings per diluted share were on target at $0.48.
Revenue Performance Across Major Segments:
| Segment | Q2 2024 | Q2 2023 | Year-Over-Year Change |
|---|---|---|---|
| Subscription Revenue | $367 million | (Not provided) | -7% |
| AMS Revenue | $301 million | (Not provided) | -5% |
| Political Revenue | (Increased) | (Not provided) | (Improved) |
Subscription revenue declined by 7% to $367 million due to subscriber losses partially offset by rate increases. AMS revenue fell 5% to $301 million because of reduced national demand. However, political revenue saw an uptick, thanks to the current political cycle and TEGNA's expansive market reach during election seasons.
Management Comments:
Outgoing CEO Dave Lougee underscored the company's ability to control its internal processes amidst macroeconomic challenges and highlighted optimism for a robust political ad cycle in the latter half of the year. He praised the early success of the Summer Olympics coverage and the expansion of sports broadcasting partnerships.
Dividends and Share Repurchases:
TEGNA distributed $93 million to shareholders during the second quarter, including $72 million in share repurchases and $21 million in dividends. This follows a 10% increase in the company's regular quarterly dividend from 11.375 cents to 12.5 cents per share.
Forward Guidance:
TEGNA reaffirmed its full-year guidance for 2024 and continues to expect to return 40-60% of Adjusted free cash flow generated in 2024-2025 to shareholders.
Stock Price Movement:
Post-earnings release, TEGNA experienced a share price increase of 1.11%.
TEGNA remains focused on capital allocation and strategic initiatives to drive long-term shareholder value under its incoming CEO Mike Steib, set to take over in August 2024.
