TEGNA Q3 Earnings Beat Estimates, CEO Touts Share Buyback Milestone Despite Revenue Dip
Portfolio Pulse from Nabaparna Bhattacharya
TEGNA Inc. reported Q3 revenue of $713.24 million, beating estimates but marking an 11% Y/Y decline due to reduced political revenue. Adjusted earnings were $0.39 per share, missing the consensus of $0.40. The company completed a $300 million accelerated share repurchase (ASR) program and approved a second $325 million ASR. TEGNA expects Q4 GAAP revenue to be down mid-to-high teens percent and FY23 capital expenditures of $55-60 million. TEGNA shares are trading higher by 1.69%.
November 07, 2023 | 5:09 pm
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NEUTRAL IMPACT
TEGNA's Q3 revenue beat estimates but earnings missed consensus. The company completed a $300 million ASR program and approved a second one, indicating confidence in its stock. However, Q4 revenue is expected to drop significantly.
TEGNA's Q3 results were mixed with revenue beating estimates but earnings missing consensus. The completion of a $300 million ASR program and approval of a second one shows the company's confidence in its stock, which could be positive for investors. However, the expected drop in Q4 revenue could negatively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100