TEGNA Inc. ( (TGNA) ) has released its Q3 earnings. Here is a breakdown of the information TEGNA Inc. presented to its investors.
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TEGNA Inc. is a prominent American media company known for its extensive network of television stations and digital properties, specializing in providing local news, entertainment, and marketing services to communities across the United States. The company operates in the broadcasting industry and reaches approximately 100 million people each month through various platforms.
In its latest earnings report, TEGNA Inc. announced impressive financial results for the third quarter of 2024. The company exceeded its key guidance metrics and reported record political advertising revenue, reflecting robust performance in its core operations. Additionally, TEGNA returned over $90 million in capital to shareholders, demonstrating its commitment to shareholder value.
Key financial highlights include a 13% increase in total company revenue, reaching $807 million, driven largely by political advertising and growth in advertising and marketing services revenue. Political advertising revenue set a new third-quarter record at $126 million. While subscription revenue saw a decline, operational efficiencies led to decreased operating expenses, contributing to an increase in both GAAP and non-GAAP operating income. The company’s Adjusted EBITDA surged 62% to $270 million, underlining strong financial health.
TEGNA’s strategic moves included expanding its sports rights through partnerships with sports teams and securing prominent awards for broadcast journalism. The company’s capital allocation strategy involved significant share repurchases and dividend payments, with a focus on maintaining a net leverage ratio below 3x by the year-end.
Looking ahead, TEGNA remains optimistic about its growth prospects, reaffirming its full-year 2024 guidance metrics. The company anticipates strong revenue growth in the fourth quarter and continues to focus on adapting its business strategies to navigate industry headwinds, leveraging its solid foundation and market position.
