Tegna Reports 32% 1Q Revenue Gain

Tegna this morning released first quarter 2020 results that included total revenue of $684 million, up 32% year-over-year.

Adjusted total company revenue, excluding political, was up 24% year-over-year.

Subscription revenue came in at $333 million due to rate increases and acquisitions.

Net income in the quarter from continuing operations was $86 million, up 17%.

Total company adjusted EBITDA was $212 million, up 39%, reflecting new station contributions including synergies and strong performance of existing stations including ongoing cost containment efforts.

Dave Lougee, Tegna president-CEO, said: “Tegna continues to execute on its five-pillar strategy to create value for shareholders, and our management team remains focused on managing through the current crisis — protecting our employees, supporting our customers and serving our communities. Since the onset of COVID-19, I am proud of our employees who have utilized safe and creative approaches to production during this pandemic. Our audience numbers are up significantly on all platforms whether linear TV or digital products.

“This audience growth reflects the critical role local broadcast plays in the communities we serve, further strengthening our value to clients in the months to come. We are proud of the performance of all of our colleagues across the country in providing a critical local link to news and information during this crisis.”

“For consumers, business owners and American workers, COVID-19 has led to confusion and anxiety. Our local stations are reassuring our audiences with ‘Facts Not Fear’, both a brand and a philosophy for all Tegna journalists. Local news is the most trusted source of all, and our colleagues have risen to the challenge.

“Since the beginning of this crisis, we have moved quickly and prudently to reduce all non-essential costs and discretionary capital expenditures to protect the long-term health of our business. The strong foundation we have built over the past several years provides us the ability to respond in a thoughtful and timely manner. During that time, we have strengthened and diversified our revenue streams, as well as reinforced our balance sheet to increase liquidity and flexibility to manage through this period of volatility.

“Near-term macro dynamics clearly remain uncertain, but our first quarter results reflect continued momentum in subscription and political revenue streams. This allows us to better weather the current downturn in non-political advertising, while we continue to invest in the future and execute on our strategy for Tegna shareholders over the long-term.”

Read the company’s report here.