TEGNA Q3 2024 Earnings Report
Key Takeaways
TEGNA Inc. reported a 13% increase in total company revenue to $807 million for the third quarter of 2024, driven by record political advertising revenue of $126 million and growth in AMS revenue. GAAP operating income totaled $230 million and GAAP net income attributable to TEGNA Inc. was $147 million, with earnings per diluted share at $0.89.
Total company revenue increased 13% to $807 million, exceeding guidance range.
Political advertising revenue reached a new third quarter record of $126 million.
GAAP operating income totaled $230 million and non-GAAP operating income totaled $240 million.
The company returned $91 million of capital to shareholders through share repurchases and dividends.
TEGNA
TEGNA
TEGNA Revenue by Segment
Forward Guidance
TEGNA is reaffirming its guidance metrics for the full-year of 2024 and improving the effective tax rate. For the fourth quarter of 2024, TEGNA expects total company GAAP revenue to be up 19% to 21% and total non-GAAP operating expenses to be up 1% to 3%.
Positive Outlook
- Total Company GAAP Revenue Up 19% to 21%
- Two-Year Adjusted FCF $900 million – 1.1 billion
- Net Leverage Ratio Below 3x at year end
- Corporate Expenses $40 – 45 million
- Effective Tax Rate 22.0 – 23.0%
Challenges Ahead
- Total Non-GAAP Operating Expenses Up 1% to 3%
- Depreciation $56 – 60 million
- Amortization $51 – 55 million
- Interest Expense $170 – 173 million
- Capital Expenditures $62 – 67 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income