TEGNA Inc. (TGNA) Beats Q3 Earnings and Revenue Estimates

Company Performance - TEGNA Inc. reported quarterly earnings of $0.94 per share, exceeding the Zacks Consensus Estimate of $0.83 per share, and showing a significant increase from $0.39 per share a year ago, representing an earnings surprise of 13.25% [1] - The company posted revenues of $806.83 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.82%, compared to revenues of $713.24 million in the same quarter last year [2] - Over the last four quarters, TEGNA has surpassed consensus EPS estimates three times, but has only topped consensus revenue estimates once [2] Stock Performance and Outlook - TEGNA shares have increased approximately 17.2% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.33 on revenues of $907.39 million, and for the current fiscal year, it is $3.07 on revenues of $3.12 billion [7] Industry Context - The Broadcast Radio and Television industry, to which TEGNA belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact TEGNA's stock performance [5]