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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.