Core Viewpoint - TEGNA Inc. has reported a significant decline in earnings and revenues for Q3 2025, raising concerns about its future performance as it approaches its next earnings release [2][8]. Financial Performance - TEGNA's Q3 2025 non-GAAP earnings were 33 cents per share, missing the Zacks Consensus Estimate by 5.71% and down 64.9% year-over-year [2]. - Revenues fell 19.3% year-over-year to $650.8 million, also missing the Zacks Consensus Estimate by 1.35% [2]. - Advertising and marketing services (AMS) revenues decreased 11.7% year-over-year to $273.4 million, impacted by weak macro conditions and the absence of the summer Olympic games [3]. - Political revenues plummeted 92.2% year-over-year to $9.9 million, while other revenues decreased by 2% to $9.1 million [4]. - Non-GAAP adjusted EBITDA dropped 52% year-over-year to $131 million, primarily due to lower political advertising and AMS revenues [4]. - Non-GAAP operating income decreased 55.6% year-over-year to $106.8 million [5]. Balance Sheet & Cash Flow - As of September 30, 2025, total cash and cash equivalents were $233 million, down from $757 million as of June 30, 2025 [6]. - Net leverage at the end of Q3 was 2.9 times, and TEGNA redeemed $550 million of its 4.75% senior notes due March 15, 2026 [7]. - The company returned $20 million to shareholders through dividends during Q3, with adjusted free cash flow at $64 million compared to $96 million in the previous quarter [7]. Strategic Outlook - TEGNA will not provide forward-looking financial guidance due to a pending merger with Nexstar, expected to close in the second half of 2026 [8]. - The company has a Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [12]. Industry Comparison - TEGNA is part of the Zacks Broadcast Radio and Television industry, where Sirius XM reported revenues of $2.16 billion for the quarter ended September 2025, reflecting a year-over-year change of -0.6% [13]. - Sirius XM's EPS for the same period was $0.84, compared to -$0.84 a year ago, and it holds a Zacks Rank of 3 (Hold) [14].

Core Viewpoint - AAR CORP. has formalized a Supply Chain Alliance with the U.S. Defense Logistics Agency (DLA) Aviation, marking a significant partnership aimed at enhancing support for the nation's warfighter [1][4]. Group 1: Partnership Details - AAR is the first Supply Chain Alliance partner for DLA Richmond, which signifies a strategic collaboration to improve logistics support [1][2]. - The signing ceremony took place on April 21, 2025, attended by key executives from both organizations [3]. Group 2: Objectives and Benefits - The charter aims to maximize efficiencies in the DLA procurement process by providing AAR with centralized resources for contract management, thereby enhancing operational execution [4][6]. - This partnership is expected to contribute to the broader National Defense Strategy by improving strategic readiness and agility in logistics support [6]. Group 3: Previous Collaborations - This new charter follows a similar Supply Chain Alliance established between AAR and DLA Maritime in September 2024, which focused on enhancing readiness through strategic stocking and expedited work processes [5]. Group 4: Company Overview - AAR is a global aerospace and defense aftermarket solutions provider, operating in over 20 countries and supporting both commercial and government customers through various segments including Parts Supply and Repair & Engineering [7].