Why Tegna Stock Tanked This Week
Investors weren't tuning in to TV station conglomerate Tegna's (NYSE: TGNA) stock this week despite a potentially lucrative buyout offer looming over the company. The culprit was dispiriting quarterly earnings, which contributed to the share price eroding by 22% over the course of the week, according to data compiled by S&P Global Market Intelligence.
Tegna published its fourth-quarter and full-year 2022 figures before market open on Monday, and they set the bearish tone for the stock in the subsequent days.
The company's total revenue for the quarter was $917 million. Although this was up by 18% year over year, it fell well short of the average analyst estimate of nearly $956 million. Non-GAAP (adjusted) net profit was $331 million ($0.98 per share). As with revenue, profitability was well higher -- the adjusted tally was $128 million in the year-ago period -- yet it didn't meet the collective prognosticator projection, which was $1.07 per share.
Source Fool.com
