Local broadcaster TEGNA said it earned $732 million in overall revenue during its second financial quarter of the year, a figure that was marked by ongoing troubles in the general and political advertising market.
On Thursday, the company said its advertising and marketing sector brought in $318 million during Q2, down 5 percent on a year-over-year basis, with executives warning that the sluggish advertising market is expected to continue impacting TEGNA’s top line through the end of 2023.
Executives affirmed local advertising revenue was largely carrying the company amid pain points in national sales, though the company said it was experiencing some improvements, particularly among automotive ad buys.
Programming expenses also weighed on TEGNA’s earnings before interest, tax, depreciation and amortization (EBITDA), which came in at $194 million during the quarter, which included a one-time, $136 million payment on account of Standard General’s failed merger with TEGNA. Operating expenses were $450 million for the period.
“Our results reflect the strength of our high-quality local station brands in large and important markets, dependable cash flows, and a healthy balance sheet with the lowest leverage levels since we became a pure-play broadcasting company,” Doug Lougee, TEGNA’s CEO, said on Thursday.
During its financial earnings conference call, TEGNA executives affirmed the company’s long-time chief financial officer, Victoria Harker, will retire next March. She will be succeeded in the role by Julie Heskett, TEGNA’s current senior vice president of financial planning.