TEGNA TGNA reported third-quarter 2019 non-GAAP earnings of 27 cents per share, which was in line with the Zacks Consensus Estimate. However, the figure declined 32.5% on a year-over-year basis.
TEGNA’s adjusted revenues were up 2.4% year over year to $551.9 million. The figure beat the consensus mark by 0.6%.
Excluding political advertising revenues, adjusted revenues increased 14% year over year.
Quarter in Detail
Advertising and Marketing services (53.9% of revenues) revenues were $297.3 million, up 12.3% on a year-over-year basis. Sluggishness in automotive advertisement was fully offset by growth in the services, banking and media categories.
Subscription (43.6% of revenues) revenues were $240.7 million, up 16% year over year, driven by higher rates and contributions from acquisitions.
Political (1.5% of revenues) revenues were $8.1 million, down 86.5% year over year. Other revenues (1% of revenues) were $5.7 million, down 9.5% year over year.
TEGNA Inc. Price, Consensus and EPS Surprise
TEGNA Inc. price-consensus-eps-surprise-chart | TEGNA Inc. Quote
Non-GAAP adjusted EBITDA declined 13.5% year over year to $166.9 million. Adjusted EBITDA margin was 30.3%, contracting 560 basis points (bps) year over year.
Non-GAAP operating expenses (77% of revenues) were $425.1 million, up 13% year over year primarily due to increased programming fees.
Non-GAAP operating income slumped 50.4% year over year to $73.3 million. Operating…