TEGNA Inc. announced preliminary financial results for the first quarter ended March 31, 2020. The company expects to achieve previously issued guidance for all first quarter metrics. Revenue is expected to be $684 million, up 32% year-over-year and in-line with prior guidance, driven by acquisitions and continued growth in subscription revenue and political advertising spending, which TEGNA continues to expect to account for more than half of revenues on a ‘19/'20 basis. Excluding political advertising, quarterly revenue is expected to be up 24% compared to last year. Estimated GAAP net income is expected to be $86 million, up 17%, and diluted earnings per share is expected to be $0.39, up 15%.

The full impact of the COVID-19 pandemic, particularly with regard to the broader advertising industry, remains uncertain. The company believes it is prudent at this time to suspend its full year 2020 guidance and 2021 preliminary outlook.