There was no quarterly earnings call for analysts and investors from the C-Suite of TEGNA on Monday, as the company is engaged in a takeover from a partnership between lead investor Standard General and non-voting stakeholder Apollo Global Management.
As such, TEGNA released its quarterly earnings report and went about its day. How were the results? The TV station owner and Premion parent surpassed the consensus estimates.
TEGNA saw its revenue surge by 6.5% to $774.12 million from $727.05 million, barely missing the Zacks Consensus Estimate by 0.50%.
As operating income grew to $209.14 million from $195.93 million, Net Income attributable to TEGNA was $134.23 million ($0.60 per share), rising from $112.62 million ($0.51) in Q1 2021.
On an adjusted basis, TEGNA’s EPS was $0.59 per share, and this beat the Zacks Consensus Estimate of $0.57.
Adjusted EBITDA, excluding Corporate expenses, grew to $260.7 million.
The big takeaway for investors, however, is “Subscription” revenue, which includes retransmission consent fees. For TEGNA, it increased to $391.65 million in Q1 2022 from $386.74 million. Advertising and Marketing Services revenue was $354.47 million, rising year-over-year from $322.83 million.
As of 2pm Eastern, TEGNA shares were priced at $21.14, down 3.1% from Friday.
