Broadcasting and digital media company TEGNA (NYSE:TGNA) will be announcing earnings results tomorrow before market open. Here's what investors should know.
TEGNA met analysts' revenue expectations last quarter, reporting revenues of $714.3 million, down 3.5% year on year. It was a solid quarter for the company, with an impressive beat of analysts' earnings 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 2.2% year on year to $715.3 million, improving from the 6.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.48 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.
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. Rush Street Interactive delivered year-on-year revenue growth of 33.5%, beating analysts' expectations by 9.4%, and Life Time reported revenues up 18.9%, topping estimates by 5.2%. Rush Street Interactive traded up 7.9% following the results while Life Time was also up 7.5%.
Read our full analysis of Rush Street Interactive's results here and Life Time's results here.
Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices flat over the last month. TEGNA is up 4.4% during the same time and is heading into earnings with an average analyst price target of $18.3 (compared to the current share price of $14.36).
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