TEGNA (TGNA) Tops Q3 EPS by 1c, Miss on Revenues

TEGNA (NYSE: TGNA) reported Q3 EPS of $0.23, $0.01 better than the analyst estimate of $0.22. Revenue for the quarter came in at $460.48 million versus the consensus estimate of $462.84 million.

OUTLOOK

“In the fourth quarter, we have a larger even- to odd-year cyclical comparison than we had in the third quarter, primarily due to the absence of approximately $82 million of net political revenue compared to the fourth quarter of 2016. Our outlook also reflects the absence of $16 million of revenue from the terminated digital businesses previously reported in the Digital Segment,” said Victoria Harker, executive vice president and chief financial officer, TEGNA.

As such, in the fourth quarter, TEGNA expects:

• Non-GAAP total company revenue to increase in the high single- to low double-digits year-over-year, adjusting to remove political revenue and revenue related to the terminated digital businesses.
• GAAP total company revenue to decline in the high single- to low double-digits year-over-year.

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

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