TEGNA Inc. (NYSE: TGNA) reported strong third-quarter results, driven by record political advertising revenue amid the 2024 election cycle. The media company's shares soared over 5% in pre-market trading on the impressive performance.

For the quarter ended September 30, 2024, TEGNA posted a net income of $147.2 million, or $0.89 per diluted share, up substantially from $96.2 million, or $0.48 per share, in the prior-year quarter. Adjusted earnings per share came in at $0.94, beating analysts' estimates of $0.86.

Total revenue climbed 13% to $806.8 million from $713.2 million a year ago, exceeding the consensus estimate of $794.4 million. The robust growth was primarily fueled by a surge in political advertising revenue, which hit a record $126.3 million for the third quarter, up significantly from $11.6 million in the same period last year.

TEGNA's subscription revenue declined 6% to $356.2 million due to subscriber losses, partially offset by contractual rate increases. However, advertising and marketing services revenue remained flat at $313 million, supported by increased advertising related to the Summer Olympic Games but partly offset by the impact of political ad spending.