TEGNA Sees Revenue, Income Increases For First Quarter

Q2

TEGNA second quarter total revenue from continuing operations rose 7.1% to $524,080,000, split mostly between advertising (down 5% excluding political) and subscription (the company's term for television retransmission consent revenue, up 16%) revenue.  Net income from continuing operations was up 87.8% (27% on a non-GAAP basis) to $92.5 million (43 cents/share). 

The company, the former GANNETT television division, owns News-Talk KFMB-A and Rock KFMB-F (100.7 KFM-BFM)/SAN DIEGO, the results for which are not broken out in its earnings releases.

“Our progress in the quarter gives us confidence that our growth strategy is on track,” said President/CEO DAVE LOUGEE. “Our business mix continues to evolve toward predictable and profitable subscription-based revenue streams. Contrary to conventional wisdom, our paid subscriber base is very stable, and in fact, our total number of paid subscribers were up year-over-year for the first time in recent years. The bottom line: any lost traditional subs are being offset by new subscribers from OTT virtual MVPDs. As a result of this dynamic as well as annual rate increases, subscription revenues were up double-digits in the quarter. Demand for PREMION (the company's OTT ad sales platform for regional and local ads on streaming content) continues to accelerate as we open new markets and offer new services. We are increasing PREMION's full year revenue guidance from $60 million to $75 million, excluding political advertising on PREMION.”

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