How did TGNA's Q4 earnings surprise impact its annual performance?

TEGNA's Q4 earnings surprise had a significant impact on its annual performance, although the overall effect depends on the perspective of analysis:

1. **Earnings Surprise Analysis**:
- TEGNA's Q4 EPS surprise was -0.05, which indicates a negative surprise compared to expectations. This suggests that the company's performance for the quarter was below what analysts had anticipated.
- However, it's important to note that this negative surprise was offset by stronger performances in previous quarters, particularly Q3, where the company's EPS beat consensus.

|code|Ticker|Name|Date|Revenue Surprise|Revenue Surprise YoY|market_code|
|---|---|---|---|---|---|---|
|TGNA|TGNA.N|TEGNA|2024 Q1|-3710000|68.2444577591372|169|
|TGNA|TGNA.N|TEGNA|2024 Q2|-5230000|19.46412072682476|169|
|TGNA|TGNA.N|TEGNA|2024 Q3|1.2407E7|364.14732808175427|169|
|TGNA|TGNA.N|TEGNA|2024 Q4|-1.371E7|45.08531602980052|169|

2. **Annual Net Income Impact**:
- Despite the Q4 setback, TEGNA's annual net income for 2024 was $599.04 million. This figure is substantial and indicates that the company's full-year performance was robust despite the fourth-quarter weakness.

3. **Analyst Outlook and Fund Sentiment**:
- Analysts from Wells Fargo upgraded TEGNA from Equal-Weight to Overweight, suggesting a positive outlook for the company despite the Q4 earnings miss. This upgrade was likely based on factors such as expected broadcast consolidation and TEGNA's strong cash flow and potential for M&A.
- Institutional ownership increased by 10 owner(s) or 1.16% in the last quarter, indicating confidence from key investors.
4. **Dividend and Market Performance**:
- TEGNA's board declared a regular quarterly dividend, which is payable to shareholders. This dividend payout is a positive signal for investors, indicating the company's confidence in its financial stability.
- The company's stock has seen value appreciation, with shares up by 16.2% in value since the beginning of the year, defying market pessimism.

In conclusion, while TEGNA's Q4 earnings surprise was negative, the impact on the company's annual performance was mitigated by strong net income, positive analyst sentiment, and a robust market performance. The company's strategic positioning and potential for broadcast consolidation likely contributed to the optimism surrounding TEGNA's future prospects.