TEGNA Misses On Q2 As AMS Revenue Declines

TEGNA Inc TGNA reported second-quarter FY22 revenue growth of 7.1% year-on-year to $784.88 million, missing the consensus of $800.8 million.
A growth in political and subscription revenue drove the results.
Subscription revenue of $389 million was up 3.7% Y/Y. Advertising and marketing services (AMS) revenue was $335 million, down 1.7% Y/Y. Political revenue was $51 million.
Non-GAAP EPS of $0.60 missed the consensus of $0.62.
Adjusted EBITDA of $256 million was up 12% Y/Y. The margin expanded 150 bps to 32.6%.
Tegna held $201 million in cash and equivalents and generated $162 million in free cash flow.
On February 22, Standard General and Apollo Global Management, Inc APO agreed to scoop Tegna at a 39% premium.
Price Action: TGNA shares traded lower by 0.12% at $21.17 on the last check Monday.