TEGNA’s TGNA shares inched up 0.6% to close at $20.43 on Apr 14 after it announced preliminary estimates for the first quarter of 2021.The company expects revenues of $727 million, up 6% year over year. Moreover, GAAP earnings are anticipated to be 52 cents per share.The Zacks Consensus Estimate for revenues and earnings are pegged at $714.7 million and 46 cents per share, up 4.5% and 7%, respectively.Moreover, adjusted EBITDA is expected to be $231 million, up 9% year over year.Markedly, TEGNA’s shares have been up 46.5% year to date, outperforming the Zacks Broadcast Radio and Television industry’s rally of 13.8%.Year-to-Date Performance The top-line growth is expected to be driven by continued growth in subscription revenues and stronger-than-expected advertising and marketing services (“AMS”) revenues.Markedly, in fourth-quarter 2020, AMS (37.5% of revenues) revenues declined 6.2% year over year to $351.9 million. Subscription (33.5% of revenues) revenues increased 9.5% year over year to $313.7 million. The top line benefited from new station acquisitions and higher rate.Additionally, free cash flow is expected to be $159 million, up 12% year over year.TEGNA is set to report first-quarter 2021 results on May 10.Raises 2021 GuidanceFor 2021, TEGNA reaffirmed its guidance. The company expects subscription revenue growth of mid-high teens percent over 2020.Moreover, corporate expenses are expected between $44 and $48 million.Additionally, net leverage ratio is expected to be low 3x for 2021.Further, for the second quarter of 2021, TEGNA expects revenues to grow in the mid-to-high twenties range. Operating expenses are expected to increase low-double digits percent.Zacks Rank & Stocks to ConsiderCurrently, TEGNA has a Zacks Rank #2 (Buy).Better-ranked stocks in the broader consumer discretionary sector include Mattel MAT, Nextstar Media NXST and Fox FOXA. All three sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Mattel, Nextstar Media and Fox are scheduled to report their quarterly results on Apr 22, May 4 and May 10, respectively.More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Mattel, Inc. (MAT): Free Stock Analysis Report Nexstar Media Group, Inc (NXST): Free Stock Analysis Report Fox Corporation (FOXA): Free Stock Analysis Report TEGNA Inc. (TGNA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research