Stock Alert: TEGNA Rises 6% On Q4 Outlook, Share Repurchase Program Renewal

(RTTNews) - Shares of TEGNA Inc. (TGNA), a Virginia-based media company, are gaining more than 6 percent or $0.86 in Wednesday's morning trade at $15.05.

Wednesday, Tegna reported preliminary financial results for the fourth quarter and said it expects to record adjusted EBITDA in a range of $424 million to $429 million, an increase of 85 to 88 percent year-on-year. The company projects revenue in a range of $932 million to $937 million, up 34 to 35 percent year-over-year. On average, analysts polled by Thomson Reuters expect the company to report revenues of $904.12 million for the quarter.

TEGNA also said that in December 2020, its board authorized the renewal of its share repurchase program which allows the company to repurchase up to $300 million of its issued and outstanding common stock over the next three years. The program was previously suspended on March 20, 2019.

TEGNA will release its fourth-quarter and fiscal 2020 earnings results before the market opens on March 1.

TEGNA has traded in a range of $9.61 to $18.31 in the past 52 weeks.