Are USA Today Results Sending NYT To 52-Week Low?
October 17, 2007 by Douglas A. McIntyreGannett (GCI) announced Q3 results today along with details on revenue for September. Total operating revenues for the company were $1.81 billion in the third quarter compared to $1.88 billion in the third quarter of 2006. For the 2007 third quarter earnings per diluted share from continuing operations were $1.01 compared with $1.08 per share in the third quarter of 2006.
The stock reacted well, moving up 2.3% to $44.54, still near its 52-week low.
Buried in the announcements were the results for USA Today. At the big national newspaper, advertising revenues decreased 6.6 percent compared with the third quarter of 2006. Paid advertising pages totaled 803 compared with 929 in the same period a year ago. And, at USA TODAY, advertising revenues for September were down 7.0 percent on paid ad pages of 292 versus 358 last year.
The New York Times (NYT) is off 2.3% today and hit a 52-week low of $18.30.
A drop in ad revenue at a large national paper is not good news for the Times.
Douglas A. McIntyre
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