For the new owner of KFMB-8 and KFMB-AM & FM in San Diego, the final quarter of Q4 marked the start of new growth opportunities in a key U.S. market.
Revenue sputtered, however, in the final three months of Q4, with TEGNA experiencing a 10.3% drop to $490.3 million, from $546.86 million.
It’s all good, as they say in Mission Beach. The results beat the Zacks Consensus Estimate of $488.9 million, and the same can be said for TEGNA’s net income.
Net income from continuing operations came in at $303.3 million ($1.40 per diluted share), compared to $97.5 million (45 cents) in Q4 2016.
On a non-GAAP basis, net income from continuing operations came in at 32 cents per share, beating the Zacks Consensus Estimate by a penny.
What can investors expect to see from the company formerly known as Gannett in Q1 2018? Non-GAAP total company revenue (excluding its terminated digital business) is forecast to increase 10% to 12% year-over-year — driven by the Winter Olympic Games, Super Bowl LII and subscription revenue growth.
TEGNA believes GAAP total company revenue will increase in the high-single digits year-over-year.
Investors seem pleased with the results, with TEGNA shares finishing Thursday’s trading at $12.96, up 10 cents.