Tegna reported higher net income and revenue in the third quarter.
Net income was $128 million, or 58 cents, up from $123 million, or 55 cents, a year ago.
Revenue rose 2% to $756 million.
Advertising and marketing services (AMS) revenue was $364 million, up 22%, despite weakness in the auto category because of supply chain issues. The company said it had record advertising revenue despite the absence of $116 million in political advertising a year ago.
Looking forward, Tegna said the outlook for political revenue in 2022 continues to strengthen, with nearly all of the U.S. Senate and gubernatorial races that are expected to be competitive occurring in Tegna’s footprint.
Subscription revenue was up 16%, to $369 million.
“The positive momentum at Tegna continues to accelerate, with record financial achievements in each of the past four quarters, driven by continued execution of our long-term strategy to maximize value for our shareholders,” Tegna president and CEO Dave Lougee said.
“Tegna’s local station brands and advertising platforms continue to fill a critical role and are well-positioned to capitalize on a robust advertising market given our sustained operational excellence,“ he added. ”We expect this performance to continue into the fourth quarter, and remain on track to meet or exceed all of our key guidance metrics for full-year 2021.”
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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