TEGNA Q1: non-GAAP EPS $0.45, revenue $714M; dividend raised 10%; FCF guidance reaffirmed

TEGNA INC

2024-Q1 EPS reported $1.06 revenue$714,252,000

Total company revenue $714M (down 4% YoY); subscription revenue $375M (down 9% YoY) due to temporary disruption and subscriber declines.
GAAP net income $190M includes $116M gain from sale of BMI interest; non-GAAP net income $80M; Adjusted EBITDA $174M (down 15% YoY).
Board increased quarterly dividend 10% to $0.125/share, payable July 1 to holders of record June 7, 2024.
Returned over $100M to shareholders in Q1 ($82M buybacks, $20M dividends); on track to return ~$350M in 2024.
Reaffirmed full-year guidance and 2024-2025 two-year adjusted FCF range of $900M-$1.1B; Q2 revenue expected down low-to-mid single digits.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TEGNA INC reported the three months ended Mar. 31, 2024 results: revenue $714 million, net income $190 million, EPS $1.06. Guidance reaffirmed.

Period: the three months ended Mar. 31, 2024
Revenue: $714 million
Net income: $190 million
EPS: $1.06
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Va. – TEGNA Inc. (NYSE: TGNA) today announced financial results for the first quarter ended March 31, 2024. FIRST QUARTER FINANCIAL HIGHLIGHTS: • Total company revenue was $714 million in the first quarter, down four percent year-over-year and at the midpoint of our guidance range, primarily due to lower subscription revenue, which was adversely impacted by a

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Source: SEC EDGAR

accession 0000950170-24-055092

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