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TEGNA Inc.(TGNA), a leading media company, has released its financial results for the third quarter of 2023, revealing a significant decrease in both net income and revenues. The company reported total revenues of $713.2 million for the quarter, representing an 11.2% decrease compared to the same period in 2022. Additionally, TEGNA's net income for the quarter saw a substantial decline of 34.1%, reaching $96.2 million. The following sections will provide a detailed analysis of TEGNA Inc.'s consolidated statements of income for the third quarter and the nine months ending September 30, 2023.
Third Quarter Performance
In the third quarter of 2023, TEGNA Inc. experienced a decline in its financial performance compared to the same quarter in the previous year. The key financial highlights are as follows:
Decrease in Revenues
TEGNA reported total revenues of $713.2 million for the third quarter of 2023, representing an 11.2% decrease from the $803.1 million reported in the same period in 2022. This decrease in revenue can be attributed to various factors, including economic challenges and changes in consumer behavior.
The net income for the third quarter of 2023 was $96.2 million, a significant drop of 34.1% compared to the $146.2 million reported in the third quarter of 2022. This decline in net income reflects the challenging operating environment and increased expenses faced by the company.
TEGNA's operating expenses for the third quarter of 2023 totaled $578.6 million, which represents a modest increase of 1.4% from the $570.9 million reported in the same period in 2022. These expenses include cost of revenues, selling, general and administrative expenses, and various other costs related to operations.
The non-operating (expense) income for the third quarter of 2023 stood at ($10.6) million, a significant decrease of 74.9% compared to the ($42.3) million reported in the third quarter of 2022. The decline in non-operating income is attributed to factors such as equity loss in unconsolidated investments and interest expenses.
Earnings per Share
TEGNA Inc. reported earnings per share of $0.48 (both basic and diluted) for the third quarter of 2023, marking a 26.2% decrease from the $0.65 reported in the same quarter of the previous year. The decline in earnings per share reflects the decrease in net income.
Weighted Average Number of Common Shares Outstanding
The weighted average number of common shares outstanding for the third quarter of 2023 was 200,779 for basic shares and 201,218 for diluted shares, representing a decrease of 10.4% and 10.5%, respectively, compared to the same quarter in 2022.
Nine Months Performance
In addition to the third quarter results, TEGNA Inc. has also provided its consolidated statements of income for the nine months ending September 30, 2023. Here are the key financial highlights for this period:
Revenues for Nine Months
TEGNA reported total revenues of $2.2 billion for the nine months ending September 30, 2023, representing a 7.5% decrease from the $2.4 billion reported in the same period in 2022.
Operating Income
Operating income for the nine months was $589.8 million, an 11.0% decrease compared to the $662.4 million reported in the same period in 2022.
Non-operating (Expense) Income
The non-operating (expense) income for the nine months ending September 30, 2023, was ($85.6) million, showing a 27.1% decrease from the ($117.4) million reported in the same period in 2022.
Net Income
The net income for the nine months ending September 30, 2023, was $400.4 million, marking a 2.9% decrease from the $412.4 million reported in the same period in 2022.
Earnings per Share
For the nine months, TEGNA Inc. reported earnings per share of $1.86 (both basic and diluted), showing a 1.1% increase from the $1.84 reported in the same period in 2022.
Weighted Average Number of Common Shares Outstanding
The weighted average number of common shares outstanding for the nine months ending September 30, 2023, was 214,297 for basic shares and 214,591 for diluted shares, representing a 4.1% and 4.3% decrease, respectively, compared to the same period in 2022.
TEGNA Inc. faced a challenging third quarter in 2023, reporting a substantial decrease in both revenues and net income. The company's financial performance for the nine months ending September 30, 2023, also exhibited a downward trend. TEGNA's management will need to address these challenges and explore strategies to improve its financial performance in the coming quarters. Market conditions and consumer behavior will play a crucial role in determining the company's future prospects.