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Sep 30, 2024
TEGNA Q3 2024 Earnings Report
TEGNA's third quarter performance in 2024 was marked by revenue growth driven by political advertising and AMS, with increased operating income and earnings per share.
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
Revenue by Segment
Distribution Revenue
CapyFin.comAdvertising & Mktg Svcs Revenue
CapyFin.comPolitical Revenue
CapyFin.comOther Revenue
CapyFin.com 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