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TGNA

Tegna

$11.14

0.24 (2.20%)

07:33
08/07/18
08/07
07:33
08/07/18
07:33

Tegna reports Q2 adjusted EPS 36c, consensus 34c

Reports Q2 revenue $524.08M, consensus $516.29M. Total company revenue from continuing operations grew seven percent year-over-year, at the high end of the guidance range provided last quarter, driven by subscription revenue growth and higher political revenue. Adjusted revenue, excluding political advertising and previously terminated digital businesses, was up five percent year-over-year. Subscription revenue was 16 percent higher year-over-year, a $29 million increase, on track to achieve guidance of mid-teens growth in 2018; subscription revenue now comprises 40 percent of total revenue, up from 37 percent in the second quarter of 2017. Total paid subscribers were up year-over-year for the first time in several years fueled by continued growth of OTT subscribers in TEGNA markets. "Our progress in the quarter gives us confidence that our growth strategy is on track," said Dave Lougee, president and CEO, TEGNA. "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 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."

  • 07

    Aug

TGNA Tegna
$11.14

0.24 (2.20%)

04/25/18
04/25/18
UPGRADE
Target $14

Overweight
Tegna upgraded to Overweight on expectations for improved sentiment at Stephens
As previously reported, Stephens analyst Kyle Evans upgraded Tegna (TGNA) to Overweight from Equal Weight, noting that the stock has been under "extreme pressure" since January, which has pushed its valuation to near a 5-year low and roughly in-line with affiliate broadcasting peers Nexstar (NXST), Sinclair Broadcast (SBGI) and Gray Television (GTN). He expects Sinclair's deal with Tribune Media (TRCO) to close in the July/August time frame, which, along with political ad spending should improve investor sentiment in the second half, Evans tells investors. He maintains a $14 price target on Tegna shares.
07/27/18
WELS
07/27/18
NO CHANGE
WELS
DOJ broadcast investigation unlikely to be material, says Wells Fargo
Wells Fargo analyst Marci Ryvicker says her conversions with industry contacts indicate the Department of Justice investigation into various television groups for alleged ad-rate collusion is unlikely to be material. The investigation likely stemmed from the DOJ's review of the Sinclair Broadcast (SBGI), Tribune Media merger, Ryvicker tells investors in a research note. She believes high levels of conversations about business likely drove the investigation and that it will be tough to prove that this lead to price fixing.
07/27/18
SPHN
07/27/18
NO CHANGE
SPHN
Reported DOJ investigation likely to pressure broadcaster stocks, says Stephens
After The Wall Street Journal reported yesterday that the Department of Justice is investigating whether TV station owners violated antitrust law in ways that inflated local ad prices, Stephens analyst Kyle Evans said that the negative news is likely to further pressure a group that he sees being "hard to own in any quarter." Evans added that, in his view, any miss within the group seems to drag them all down. Publicly traded broadcasters include Sinclair (SBGI), Tribune Media (TRCO), Gray Television (GTN), Nexstar (NXST) and Tegna (TGNA).
07/31/18
EVER
07/31/18
INITIATION
Target $14
EVER
In Line
Tegna initiated with an In Line at Evercore ISI
Evercore ISI analyst David Joyce initiated Tegna with an In Line and $14 price target.

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WMT

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BBOX

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  • 21

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STT

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WMT

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  • 13

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VZ

Verizon

$54.79

0.51 (0.94%)

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CF

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$47.52

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Mosaic

$29.64

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  • 11

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ABBV

AbbVie

$98.79

0.6 (0.61%)

, LYB

LyondellBasell

$113.07

1.155 (1.03%)

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BV

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$17.49

-0.06 (-0.34%)

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HOG

Harley-Davidson

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LYV

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XLE

Energy Select Sector SPDR

$72.63

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, XLU

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$54.50

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17:40
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General news
Week ending ETF Scorecard: Consumer Staples outperforms, Energy skids »

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XLU

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IYR

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GLD

SPDR Gold Trust

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GDOT

Green Dot

$85.04

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  • 25

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SMSI

Smith Micro

$2.49

-0.01 (-0.40%)

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NDRA

ENDRA Life Sciences

$2.70

0.2 (8.00%)

17:14
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Breaking Syndicate news story on ENDRA Life Sciences »

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BA

Boeing

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BA

Boeing

$346.44

0.55 (0.16%)

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LLL

L3 Technologies

$210.37

0.56 (0.27%)

17:08
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HSGX

Histogenics

$2.65

-0.05 (-1.85%)

17:06
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PLD

Prologis

$67.45

1.79 (2.73%)

, DCT

DCT Industrial

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16:58
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PLD

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$67.45

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DCT

DCT Industrial

$68.77

1.805 (2.70%)

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