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TEGNA (TGNA) Tops Q4 Earnings Estimates, Issues 1Q18 View

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TEGNA (TGNA - Free Report) reported impressive financial results in the fourth quarter of 2017, wherein both the top line and the bottom line outpaced the Zacks Consensus Estimate.

Currently, TEGNA is a Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank stocks here.

Net Income

Net income from continuing operations was $303.3 million or $1.40 per share compared with $97.5 million or 45 cents in the prior-year quarter. The company reported adjusted earnings of 32 cents per share, which surpassed the Zacks Consensus Estimate by a penny.

TEGNA Inc. Price, Consensus and EPS Surprise

 

TEGNA Inc. Price, Consensus and EPS Surprise | TEGNA Inc. Quote

 

Revenues

Total revenues in the reported quarter were $490.3 million, down 10.3% on a year-over-year basis. The figure outperformed the Zacks Consensus Estimate of $488.9 million.

Operating Metrics

In fourth quarter of 2017, operating expenses were $334.5 million, down 0.6% year over year. Operating income was $155.9 million, down 25.9% year over year. Quarterly adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $169.4 million compared with $245.7 million in the year-ago quarter.

Cash Flow & Liquidity

In the fourth quarter of 2017, TEGNA generated $35.1 million of cash from operations compared with $228.7 million in the prior-year quarter. Free cash flow in the reported quarter was $21.9 million compared with $202.4 million in the year-ago period.

TEGNA’s long-term debt outstanding was $3.0 billion and total cash was $98.8 million at the end of the reported quarter. Dividend paid out in the quarter totaled $15 million.

First-Quarter 2018 Outlook

In the first quarter of 2018, TEGNA expects non-GAAP total revenues (excluding the terminated digital business) to increase by 10-12% year over year driven by Olympics, Super Bowl and subscription revenue growth. On a GAAP basis, total revenues are projected to increase in high single digits year over year.

Recent Releases

Investors interested in the Zacks Consumer Discretionary sector are keenly awaiting fourth-quarter 2017 earnings reports from key players like AMC Entertainment (AMC - Free Report) , AMC Networks (AMCX - Free Report) and Cable One (CABO - Free Report) . All the three companies are scheduled to release results on Mar 1.

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