Broadcasting and digital media company TEGNA (NYSE:TGNA) will be reporting earnings this Thursday morning. Here’s what to expect.
TEGNA met analysts’ revenue expectations last quarter, reporting revenues of $680 million, down 4.8% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts’ EPS estimates but a miss of analysts’ Subscription revenue estimates.
Is TEGNA a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting TEGNA’s revenue to decline 5.6% year on year to $670.7 million, a further deceleration from the 2.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.37 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. TEGNA has missed Wall Street’s revenue estimates six times over the last two years.
Looking at TEGNA’s peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. FOX delivered year-on-year revenue growth of 6.3%, beating analysts’ expectations by 5.5%, and Paramount reported flat revenue, in line with consensus estimates. Paramount traded up 3.5% following the results.
Read our full analysis of FOX’s results here and Paramount’s results here.
Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices up 1.6% on average over the last month. TEGNA is down 2.3% during the same time and is heading into earnings with an average analyst price target of $20.40 (compared to the current share price of $16.36).
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