Broadcasting Unit Lifts Gannett’s Q3 Profit
Gannett Co. Inc. (NYSE: GCI) reported fiscal third-quarter results before markets opened this morning. The USA Today publisher posted earnings per share (EPS) of $0.56 on revenues of $1.31 billion. In the same period a year ago, the company reported…
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Publishing segment operating revenues in the quarter declined 3% to $890.2 million, while advertising revenues totaled $552.7 million, a 6.6% decline from the previous year.
The company’s president and CEO said:
We achieved record third quarter results in our Broadcasting segment. Our TV stations leveraged top 10 ratings positions and a more locally focused sales effort to generate substantially higher Olympic spending. Through strong ratings and a great footprint, they also maximized the opportunity to attract political spending. The early success of our new, all access content subscription model resulted in significant growth in company-wide circulation revenue, the first increase since early 2007.
The consensus estimate for the fourth quarter calls for EPS of $0.82 on revenue of $1.42 billion. For the full year, EPS is reckoned at $2.21, which would be up 3.6%, on revenue of $5.26 billion, which is about the same as a year ago.
Gannett shares are inactive in premarket trading. The closed at $17.90 on Friday, in a 52-week range of $9.82 to $19.99. Thomson Reuters had a consensus analyst price target of around $19.25 before today’s report.
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
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Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.
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