TEGNA Inc. reported significant financial performance improvements for the quarter and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $806.8 million, a 13% increase from $713.2 million in Q3 2023. For the nine months, revenues rose 2% to $2.23 billion from $2.19 billion. The growth in revenue was primarily driven by a substantial increase in political advertising revenues, which surged to $126.3 million in Q3 2024 from $11.6 million in Q3 2023.
Operating income for Q3 2024 was $229.9 million, reflecting a 71% increase from $134.7 million in the prior year. However, for the nine-month period, operating income decreased by 14% to $509.3 million from $589.8 million, attributed to a decline in subscription revenues, which fell by $21.7 million in Q3 and $89.7 million over the nine months.
Net income for Q3 2024 was $147.2 million, a 53% increase from $96.3 million in Q3 2023. For the nine months, net income rose 5% to $418.5 million from $400.4 million. Earnings per share (EPS) for Q3 2024 were $0.89, up 85% from $0.48 in Q3 2023, while EPS for the nine months increased 31% to $2.44 from $1.86.
TEGNA's total assets as of September 30, 2024, were $7.20 billion, up from $7.00 billion at the end of 2023. Cash and cash equivalents increased to $536.3 million from $361.0 million. Total liabilities rose slightly to $4.31 billion from $4.28 billion, while total equity increased to $2.87 billion from $2.70 billion.
Strategically, TEGNA completed the acquisition of Octillion Media in January 2024, with a total purchase price of $57.5 million. The company also engaged in significant share repurchase activities, repurchasing $226 million worth of common stock in the first nine months of 2024, as part of a broader plan to return approximately $350 million to shareholders through dividends and buybacks.
TEGNA's financial health remains robust, with a leverage ratio of 2.79x as of September 30, 2024, well below the maximum permitted ratio of 4.50x. The company continues to comply with all covenants in its debt agreements, maintaining a strong position for future growth and investment.
About TEGNA INC
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