Wednesday, February 27, 2019

Tegna, Inc. (TGNA)

A strong quarter expected, but with a caveat.

TEGNA Inc., a media
company, operates a portfolio of broadcast stations and digital sites; and
provides marketing service solutions for businesses. The company operates 46
television stations in 38 markets that produce local programming, such as news,
sports, and entertainment. Its marketing services business provides solutions
for clients on multiple channels, including broadcast, online, and OTT. 

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

• Q4 preview. The company is expected to report a strong quarter, with revenues up an estimated 29% and cash flow up 43%, a reflection of very strong Political advertising. The results, however, are expected to be shy of the company’s guidance which anticipated 30% to 32% revenue growth. The company will report Q4 results on Friday, March 1st. 
• Q4 impact from Premion. We believe that the quarter will be adversely impacted by refunds at its Premion subsidiary, which did not deliver ads correctly. The company indicated that the issue affected up to 17% of the division’s total revenue, or  $12.8 million, based on our estimates. Our revised Q4 revenue and cash flow estima… 
  
  
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