TEGNA Inc. Announces Preliminary Financial Results for the First Quarter Ended March 31, 2020; Suspend Full Year 2020 Guidance and 2021 Preliminary Outlook
April 20, 2020 at 12:00 pm
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TEGNA Inc. announced preliminary financial results for the first quarter ended March 31, 2020. The company expects to achieve previously issued guidance for all first quarter metrics. Revenue is expected to be $684 million, up 32% year-over-year and in-line with prior guidance, driven by acquisitions and continued growth in subscription revenue and political advertising spending, which TEGNA continues to expect to account for more than half of revenues on a 19/'20 basis. Excluding political advertising, quarterly revenue is expected to be up 24% compared to last year. Estimated GAAP net income is expected to be $86 million, up 17%, and diluted earnings per share is expected to be $0.39, up 15%.
The full impact of the COVID-19 pandemic, particularly with regard to the broader advertising industry, remains uncertain. The company believes it is prudent at this time to suspend its full year 2020 guidance and 2021 preliminary outlook.
Tegna Inc. is a media company, which is engaged in providing stories, investigations and marketing services. The Company owns and operates approximately 64 television stations and two radio stations in 51 United States markets and owns four network affiliates in approximately 25 markets among independent station groups, reaching approximately 39% of United States television households. The Company also owns multicast networks, which include True Crime Network, Twist and Quest. Through TEGNA Marketing Solutions (TMS), its integrated sales and back-end fulfillment operations, it delivers results for advertisers across television, digital and over-the-top (OTT) platforms, including Premion, its OTT advertising network. Its Premion business operates an advertising network for OTT streaming and connected television platforms. The Company also operates VAULT Studios, which develops original television programs developed from its stationsâ library of true crime and investigative content.
TEGNA Inc. Announces Preliminary Financial Results for the First Quarter Ended March 31, 2020; Suspend Full Year 2020 Guidance and 2021 Preliminary Outlook