- TEGNA press release (NYSE:TGNA): Q2 Non-GAAP EPS of $0.50 beats by $0.02.
- Revenue of $710.36M (-2.9% Y/Y) misses by $4.92M.
- Total company revenue decreased 3% to $710 million, at the midpoint of guidance range, primarily due to lower subscription and advertising and marketing services (“AMS”) revenues partially offset by higher political advertising dollars.
- Subscription revenue decreased 7% to $367 million, primarily due to subscriber declines partially offset by contractual rate increases.
- AMS revenue decreased 5% to $301 million due to softness in demand from national accounts.
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TEGNA is reaffirming its guidance metrics for the full year of 2024 and improving the effective tax rate
2024/2025 Two-Year Adjusted FCF
$900 million – 1.1 billion
Net Leverage Ratio
Below 3x at year end
Corporate Expenses
$40 – 45 million
Depreciation
$56 – 60 million
Amortization
$51 – 55 million
Interest Expense
$170 – 173 million
Capital Expenditures
$62 – 67 million
Effective Tax Rate
22.5 – 23.5%
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