Tallahassee Journal

Tegna’s Q3 net income rises 79% on digital business strength

Tegna’s Q3 net income rises 79% on digital business strength

Tegna, the local TV station operator that shed its publishing business earlier this year, said Tuesday its third-quarter net income from continuing operations rose 79% from a year ago to $90.6 million on the strength of its digital unit.

Its earnings per share, after adjusting for some items, totaled 37 cents, a penny more than analysts’ estimate of 36 cents that was compiled by Zacks Investment Research. Revenue totaled $807 million, a 19% increase. Shares of Tegna, based in McLean, Va., rose 0.84% Tuesday to $25.21.

Its media unit, which consists of local TV stations, reported a 2.4% decline in revenue to $406.4 million. Tegna said “double-digit growth in retransmission revenue and digital revenue was offset by the absence of political spending that benefited the third quarter in 2014.” Revenue for the digital unit, which operates car sales site Cars.com and job hunting site CareerBuilder.com, rose 72% to $351 million due to “the acquisition of and strong organic growth at Cars.com,” Tegna said.