Gannett misses third-quarter earnings expectations
Gannett Co. Inc. reported third-quarter earnings results Thursday morning that missed profit and revenue expectations. Profit for the latest quarter fell to $13.4 million, or 11 cents a share, down from $23 million, or 20 cents a share, in the year-earlier quarter. The FactSet consensus was 15 cents a share. Revenue was $711.7 million, missing the FactSet consensus of $724 million and down from $744.3 million a year ago. Publishing revenue fell to $616.4 million, down from $660.3 million in the year-earlier quarter. Advertising and marketing revenue fell to $403.4 million, down from $429.9 a year ago. Print advertising revenue fell 16.7% to $204 million from $244.8 million a year ago, but digital advertising and marketing revenue rose 3.2% to $105.8 million from $102.5 million a year ago. Revenue from circulation fell to $258.9 million, also down from $264.4 million a year ago. Gannett lowered its full-year revenue guidance to $2.90 billion to $2.94 billion, down from the prior estimate of $2.95 billion to $3 billion. Shares of Gannett have fallen 10.5% so far this year, while the S&P 500 has gained 5.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.