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Jun 30, 2024
TEGNA Q2 2024 Earnings Report
TEGNA reported second quarter results, achieving key guidance metrics and reaffirming full-year guidance.
Key Takeaways
TEGNA Inc. reported a 3% decrease in total company revenue to $710 million. GAAP net income attributable to TEGNA Inc. was $82 million, with earnings per diluted share at $0.48. The company returned $93 million of capital to shareholders during the quarter.
Total company revenue decreased 3% to $710 million, primarily due to lower subscription and AMS revenues, partially offset by higher political advertising dollars.
Subscription revenue decreased 7% to $367 million, mainly due to subscriber declines, which were partially offset by contractual rate increases.
GAAP operating expenses increased 26% to $569 million, primarily due to the receipt of a $136 million merger termination fee reflected in last year’s results.
GAAP net income attributable to TEGNA Inc. was $82 million, and non-GAAP net income attributable to TEGNA Inc. was $86 million.
TEGNA
TEGNA
TEGNA Revenue by Segment
Revenue by Segment
Distribution Revenue
CapyFin.comAdvertising & Mktg Svcs Revenue
CapyFin.comPolitical Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
TEGNA provided third quarter 2024 guidance and reaffirmed full-year 2024 guidance metrics.
Positive Outlook
- Total company GAAP Revenue Up 9% to 12%
Challenges Ahead
- Total Non-GAAP Operating Expenses Flat to down slightly
Revenue & Expenses
Visualization of income flow from segment revenue to net income