TEGNA Sees Q4 Revenue Down Mid-To-High Teens Percent; Expects To Be Disproportionately Impacted By Cyclical Odd-To-Even Year Results Due To The Absence Of $179M Of High-Margin Political Revenue Reported In Q4 Of 2022
Portfolio Pulse from Benzinga Newsdesk
TEGNA Inc. expects a mid-to-high teens percent decrease in Q4 2023 revenue due to the absence of $179M of high-margin political revenue reported in Q4 2022. The company's total non-GAAP operating expenses are projected to increase by a low-single digit percent, while non-GAAP operating expenses excluding programming are expected to decrease by a low-single digit percent.
November 07, 2023 | 1:05 pm
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NEGATIVE IMPACT
TEGNA's Q4 2023 revenue is expected to decrease due to the absence of high-margin political revenue from Q4 2022. This could negatively impact the company's stock price in the short term.
The absence of the high-margin political revenue that was reported in Q4 2022 is expected to cause a significant decrease in TEGNA's Q4 2023 revenue. This could lead to a negative investor sentiment, potentially causing a decrease in the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100