NYSE$TGNA
TEGNA Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
TEGNA reported first quarter results, meeting key guidance metrics and reaffirming full-year guidance.
TEGNA Inc. reported a total company revenue of $714 million, a decrease of four percent year-over-year, but at the midpoint of their guidance range. The company achieved net income of $190 million on a GAAP basis ($80 million non-GAAP) and returned more than $100 million of capital to shareholders during the quarter, increasing the regular quarterly dividend by 10%.
- Total company revenue was $714 million, down 4% year-over-year.
- Subscription revenue was $375 million, down 9% year-over-year.
- GAAP operating income totaled $138 million.
- GAAP earnings per diluted share were $1.06.
Headline financials
Revenue & EPS history
TEGNA · Revenue · Quarterly
$714M
Revenue by segment
TEGNA · $335M total across 3 segments · Q3 2023
- Advertising & Mktg Svcs$312M-2.8%93.2%
- Political$11.6M-87.5%3.5%
- Other$11.3M-5.9%3.4%
Forward guidance
TEGNA is reaffirming its guidance metrics for the full year of 2024, except for amortization, which is updated to include Octillion Media. Total Company GAAP Revenue for Q2 2024 is expected to be down low-to-mid single digit percent and total Non-GAAP Operating Expenses are expected to be flat.
Tailwinds
- 2024/2025 Two-Year Adjusted FCF $900 million – 1.1 billion
- Net Leverage Ratio Below 3x at year end
- Corporate Expenses $40 – 45 million
- Depreciation $56 – 60 million
- Amortization $51 – 55 million
Headwinds
- Interest Expense $170 – 173 million
- Capital Expenditures $62 – 67 million
- Effective Tax Rate 23.5 – 24.5%
- Total Company GAAP Revenue Down Low-to-Mid Single Digit Percent
- Total Non-GAAP Operating Expenses Flat
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+0.3%
Avg return
Earnings day
+0.0%
Avg return
5 days after
+0.7%
Avg return
30 days after
58%
42 / 72 earnings
Positive
+11.8%
Q2 2009
Best reaction
-20.3%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -0.5% | -1.5% | — | |
| Q3 2025 | +0.0% | -0.2% | -1.7% | |
| Q2 2025 | -8.2% | +24.2% | +28.2% | |
| Q1 2025 | +2.6% | +6.4% | -1.5% | |
| Q4 2024 | +7.9% | +4.0% | +8.8% | |
| Q3 2024 | +5.0% | +3.0% | +4.7% | |
| Q2 2024 | -5.2% | -7.2% | -7.1% | |
| Q1 2024 | +2.6% | +5.9% | -3.3% | |
| Q4 2023 | +0.9% | +3.6% | +10.4% | |
| Q3 2023 | -2.3% | +1.4% | -1.4% | |
| Q2 2023 | +1.4% | +1.2% | -7.3% | |
| Q1 2023 | +0.3% | +1.4% | +2.5% | |
| Q4 2022 | -20.3% | -22.0% | -25.6% | |
| Q3 2022 | +0.9% | -1.6% | +3.6% | |
| Q2 2022 | -0.0% | +1.9% | +0.4% | |
| Q1 2022 | -2.4% | -3.9% | -2.9% | |
| Q4 2021 | +0.6% | -1.3% | -1.3% | |
| Q3 2021 | +5.8% | +5.9% | +0.8% | |
| Q2 2021 | +1.2% | -1.5% | -4.4% | |
| Q1 2021 | -4.0% | -2.1% | -4.3% | |
| Q4 2020 | -3.0% | +3.7% | +3.3% | |
| Q3 2020 | +7.1% | +8.0% | +11.2% | |
| Q2 2020 | +3.9% | +3.4% | +4.2% | |
| Q1 2020 | +0.7% | -3.3% | +20.7% | |
| Q4 2019 | -4.6% | -2.4% | -5.6% | |
| Q3 2019 | +0.0% | -1.3% | +3.5% | |
| Q2 2019 | -5.8% | -6.8% | +4.2% | |
| Q1 2019 | +3.9% | +2.2% | +0.2% | |
| Q4 2018 | +10.4% | +12.0% | +7.1% | |
| Q3 2018 | -0.7% | +2.5% | +1.3% | |
| Q2 2018 | -2.1% | -3.8% | +3.3% | |
| Q1 2018 | -0.4% | +0.8% | +0.1% | |
| Q4 2017 | +4.8% | +0.9% | -11.4% | |
| Q3 2017 | +7.1% | +4.7% | +15.3% | |
| Q2 2017 | -5.6% | -9.8% | -14.9% | |
| Q1 2017 | -9.6% | -12.1% | -14.0% | |
| Q4 2016 | +3.3% | +4.5% | +3.4% | |
| Q3 2016 | -8.2% | -6.7% | +12.1% | |
| Q2 2016 | -9.4% | -12.4% | -15.8% | |
| Q1 2016 | -2.0% | — | — | |
| Q4 2015 | +9.4% | — | — | |
| Q3 2015 | -0.5% | — | — | |
| Q2 2015 | -5.6% | — | — | |
| Q1 2015 | +0.9% | — | — | |
| Q4 2014 | +1.4% | — | — | |
| Q3 2014 | +1.1% | — | — | |
| Q2 2014 | -2.0% | — | — | |
| Q1 2014 | +1.8% | — | — | |
| Q4 2013 | +1.0% | — | — | |
| Q3 2013 | -3.5% | — | — | |
| Q2 2013 | +1.0% | — | — | |
| Q1 2013 | -2.9% | — | — | |
| Q4 2012 | +3.9% | — | — | |
| Q3 2012 | +3.0% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2012 | +1.4% | — | — | |
| Q4 2011 | +3.0% | — | — | |
| Q3 2011 | +4.9% | — | — | |
| Q2 2011 | -5.8% | — | — | |
| Q4 2010 | +0.3% | — | — | |
| Q1 2011 | +0.1% | — | — | |
| Q3 2010 | +1.6% | — | — | |
| Q2 2010 | +3.2% | — | — | |
| Q4 2009 | -5.9% | — | — | |
| Q1 2009 | -5.9% | — | — | |
| Q1 2010 | +1.2% | — | — | |
| Q4 2007 | +3.6% | — | — | |
| Q3 2008 | +1.3% | — | — | |
| Q3 2009 | +1.3% | — | — | |
| Q2 2008 | +11.8% | — | — | |
| Q2 2009 | +11.8% | — | — | |
| Q4 2008 | +11.8% | — | — |
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