- Associated Press - Tuesday, February 16, 2016

NEW YORK (AP) - Tegna on Tuesday reported a steep drop in fourth-quarter profit on a series of charges and gains, but its adjusted results topped Wall Street expectations.

The media and marketing company reported a 68 percent drop in profit to $155.9 million, or 69 cents per share. The sharp drop was due to a mix of charges in the current quarter and a hefty gain from an investment a year earlier.

Earnings, adjusted for one-time gains and costs, were 53 cents per share. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.

The McLean, Virginia-based company reported a 4.4 percent decrease in revenue of to $805.3 million in the period. The media segment saw growth in both local and national media along with retransmission, but was hampered by lower political ad revenue. Meanwhile, digital segment revenue rose slightly on growth from Cars.com.

For the year, the company reported profit of $357.5 million, or $1.56 per share. Revenue was reported as $3.05 billion.

Shares of Tegna Inc. rose 23 cents, or 1.1 percent, to $22.40 in morning trading Tuesday. Its shares have declined 35 percent in the last 12 months.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TGNA at http://www.zacks.com/ap/TGNA

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Keywords: Tegna, Earnings Report

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