TEGNA INC (TGNA) has reported 14.64 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $133.12 million, or $0.61 a share in the quarter, compared with $155.94 million, or $0.69 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $160.39 million, or $0.74 a share compared with $119.33 million or $0.53 a share, a year ago. 

Revenue during the quarter grew 10.20 percent to $887.42 million from $805.26 million in the previous year period. Gross margin for the quarter contracted 198 basis points over the previous year period to 69.14 percent. Total expenses were 68.47 percent of quarterly revenues, up from 59.41 percent for the same period last year. That has resulted in a contraction of 907 basis points in operating margin to 31.53 percent.

Operating income for the quarter was $279.79 million, compared with $326.90 million in the previous year period.

However, the adjusted operating income for the quarter stood at $298.49 million compared to $256 million in the prior year period. At the same time, adjusted operating margin improved 184 basis points in the quarter to 33.64 percent from 31.79 percent in the last year period.

Gracia Martore, president and chief executive officer, said, "2016 was a record year for TEGNA, capped by a strong fourth quarter despite a highly unusual presidential election season. Non-GAAP earnings per share were 40 percent higher than the fourth quarter of 2015 and increased 62 percent year-over-year. Total company revenues for both the quarter and the year were up 10 percent, boosted by record results across TEGNA Media. Higher retransmission revenues and political spending helped Media revenues grow 14 percent in the fourth quarter and reach a record level. While political spending on the presidential race was lower than predicted, TEGNA Media’s strong geographic footprint and increased non-presidential spending enabled the company to capture a large share of the overall broadcast political spend. Across TEGNA Digital, total revenues at Cars.com increased nearly five percent in the quarter thanks to the acquisition of DealerRater and an increase in display advertising revenues. CareerBuilder's revenue growth in the quarter were the best results of the year as the company continued its integration of two recent acquisitions, Aurico and Workterra. CareerBuilder also saw positive results in its resume database, employer services products and human capital software solutions."