TGNA's third-quarter 2024 results reflect a year-over-year increase in the top line due to growth in political advertising and subscription revenues.
TEGNA Inc. (NYSE:TGNA ) Q3 2024 Earnings Call November 7, 2024 9:00 AM ET Company Participants Kirk von Seelen - Investor Relations Mike Steib - Chief Executive Officer Julie Heskett - Chief Financial Officer Conference Call Participants Steven Cahall - Wells Fargo Dan Kurnos - The Benchmark Company Craig Huber - Huber Research Patrick Sholl - Barrington Research David Karnovsky - JPMorgan Operator Good day and thank you for standing by. Welcome to the TEGNA Third Quarter 2024 Earnings Conference Call.
The headline numbers for TEGNA (TGNA) give insight into how the company performed in the quarter ended September 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
TEGNA Inc. (TGNA) came out with quarterly earnings of $0.94 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $0.39 per share a year ago.
Evaluate the expected performance of TEGNA (TGNA) for the quarter ended September 2024, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.
TGNA shares are suffering from weak subscription and advertising revenues. Despite higher political revenues, these should keep investors on the sidelines.
TEGNA shares have underperformed despite buybacks, given cord-cutting risks, but political spending and cost discipline offer potential upside. Recent results met expectations, with cost discipline efforts on track and political spending expected to boost Q3/Q4 revenue significantly. Advertising revenue faces cyclical headwinds, but political campaigns and the Olympics are set to drive substantial cash flow in H2 2024, leading to over $650 million of 2024 free cash flow.
TEGNA (TGNA) reported earnings 30 days ago. What's next for the stock?
TEGNA's (TGNA) second-quarter 2024 results reflect a year-over-year decline in the top line due to lower subscription revenues, partially offset by higher political advertising revenues.
Although the revenue and EPS for TEGNA (TGNA) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
TEGNA Inc. (TGNA) came out with quarterly earnings of $0.50 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.44 per share a year ago.
Beyond analysts' top -and-bottom-line estimates for TEGNA (TGNA), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended June 2024.