Why Is TEGNA Inc. (TGNA) Up 2.6% Since Last Earnings Report?

A month has gone by since the last earnings report for TEGNA Inc. (TGNA). Shares have added about 2.6% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is TEGNA Inc. due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

TEGNA Q4 Earnings Beat Estimates, Revenues Rise Y/Y

TEGNAs fourth-quarter 2022 non-GAAP earnings of 98 cents per share beat the Zacks Consensus Estimate by 8.89% and increased 71.9% on a year-over-year basis.

Revenues increased 18.4% year over year to $917.1 million but missed the consensus mark by 1.17%. The year-over-year growth was driven by strong growth in political revenues, despite a decline in advertising and marketing services revenues, resulting from political displacement and macroeconomic headwinds.

Notably, in February, Tegna entered into a definitive agreement to be acquired by an affiliate of Standard General for $24 per share in cash and become a private company. The transaction, which was unanimously approved by the Tegna Board, has an equity value of around $5.4 billion and an enterprise value of $8.6 billion, including the assumption of debt.