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Tegna Teases Solid Q1 Results, But Broadcaster Pulls Guidance Amid “Uncertain” COVID-19 Advertising Outlook
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deadline.comBy Dade Hayes Finance Editor Tegna issued a preview of its first-quarter results Monday, saying they exceeded internal targets.
But the local TV station owner, which is in the midst of a proxy fight with shareholder Standard General, also withdrew guidance for full-year 2020 and also its 2021 outlook, citing uncertainty due to COVID-19.
Earnings for the quarter will come in at 39 cents a share, the company said. That would be up 15% from the year-earlier quarter and a penny better than Wall Street analysts’ consensus estimate.
Revenue will be $684 million, which would also be just ahead of the street’s forecast. The first look at earnings comes more than two weeks before the company is scheduled to officially report quarterly numbers on
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