LONDON, UK / ACCESSWIRE / April 16, 2018 / Active-Investors.com has just released a free earnings report on TEGNA Inc. (NYSE: TGNA). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TGNA. The Company reported its financial results on March 01, 2018, for the fourth quarter and full fiscal year ended December 31, 2017. The Company exceeded analysts' expectations for revenues and earnings in Q4 FY17. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, TEGNA most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
TEGNA's total sales reached $490.32 million in Q4 FY17, reflecting a decline of 10.34% from $546.86 million in Q4 FY16, due to the cyclical absence of political revenues as well as the terminated digital businesses as reported in the prior two quarters. On a non-GAAP comparable basis, the Company's sales increased 9.16%, led by subscription revenues and growth initiatives.
For the quarter under review, TEGNA's advertising and marketing services revenues declined 2.08% y-o-y, while subscription revenues advanced 22.66% y-o-y. The Company's total reported revenues surpassed analysts' consensus estimates of $488.9 million.
TEGNA's total expenses were $334.47 million in Q4 FY17, 0.63% lower than $336.59 million in Q4 FY16. The Company's cost of revenues advanced 15.46% to $237.15 million on a y-o-y basis, while selling, general, and administrative expenses (SG&A) fell 14.16% to $72.75 million on a y-o-y basis in the reported quarter. The Company's operating income shrank 25.88% to $155.85 million in Q4 FY17 from $210.26 million in Q4 FY16. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were $169.35 million in the reported quarter, a decrease of 31.08% from the previous year's same quarter.
TEGNA had an income from continuing operations of $303.28 million in Q4 FY17 compared to $97.51 million in Q4 FY16, reflecting an increase of 211.04%. The Company's diluted earnings per share (EPS) were $1.40 in the reported quarter, 211.11% higher than $0.45 in the year ago comparable quarter. TEGNA's reported quarter results included an operating asset impairment and facility consolidation, a net gain on equity method investment, and the tax benefit from the enactment of the Tax Cuts and Jobs Act 2017 (TCJA).
The Company's diluted EPS, after adjusting for non-recurring items, were $0.32 in Q4 FY17, a decrease of 42.86% from $0.56 in Q4 FY16. TEGNA's adjusted EPS beat analysts' consensus estimates by $0.01.
For the full fiscal year ended December 31, 2017, TEGNA's total revenues were $1.9 billion, a decrease of 5.04% from $2 billion in FY16. However, the Company's non-GAAP comparable sales grew 6.61% compared to the previous year, mainly due to an increase in subscription revenues. TEGNA's net income from continuing operations was $447.96 million, or $2.06 per diluted share, in the reported year; up 44.92% from $309.12 million, or $1.41 per share, in the previous year. The Company's adjusted diluted EPS, excluding non-recurring items, were $1.08 in the full year FY17, 36.09% lower than $1.69 in FY16.
Cash Matters
TEGNA had total cash of $98.8 million and outstanding debt of $3.0 billion at the end of Q4 FY17. The Company used proceeds from the CareerBuilder sale, which occurred in July 2017, to partially redeem early $280 million of fixed rate notes in the quarter under review.
TEGNA's cash flow from operating activities was $35.03 million in Q4 FY17 compared to $228.67 million in Q4 FY16, reflecting a decrease of 84.68%. The Company had a free cash flow of $21.99 million at the end of Q4 FY17 compared to $202.45 million in the same period of last year.
TEGNA spent $13.04 million on purchase of property and equipment in the reported quarter, a decrease of 50.27% from $26.22 million in the previous year's comparable quarter. The Company paid dividends of $15 million in Q4 FY17.
Outlook
For the first quarter of FY18, TEGNA expects its non-GAAP revenues, excluding the terminated digital business, to increase 10% to 12% y-o-y, mainly driven by the Olympics, the Super Bowl, and a subscription revenue growth. The Company expects its total GAAP revenues to increase in the high-single digits y-o-y in FY18.
Stock Performance Snapshot
April 13, 2018 - At Friday's closing bell, TEGNA's stock slightly fell 0.09%, ending the trading session at $10.71.
Volume traded for the day: 2.75 million shares, which was above the 3-month average volume of 2.25 million shares.
After last Friday's close, TEGNA's market cap was at $2.31 billion.
Price to Earnings (P/E) ratio was at 10.33.
The stock has a dividend yield of 2.61%.
The stock is part of the Services sector, categorized under the Broadcasting - TV industry.
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