By Dean Seal
Tegna recorded higher revenue and earnings in the third quarter as spending on political advertising hit a record high.
The media company posted a profit of $147.4 million, or 89 cents a share, compared with $96.2 million, or 48 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 94 cents a share. Analysts polled by FactSet had been expecting 87 cents a share.
Revenue rose 13% to $806.8 million, topping analyst projections for $795.7 million, according to FactSet.
The company, which has 64 television stations in the U.S. as well as the multicast networks True Crime Network and Quest, said its top line gain was driven by strength in political advertising, which hit a new third-quarter record.
Overall growth in advertising and marketing services was a boon as well, partially from advertising around the Summer Olympic Games. Subscription revenue, meanwhile, fell 6% from a decline in subscribers, which was partially offset by contractual rate increases.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 07, 2024 09:25 ET (14:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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