Gannett Reports Decline in Profit; Beats Estimates (GCI)
Media and marketing company, Gannett Co., Inc.(GCI) saw a decline in profits for the fourth quarter, but beat analysts estimates on Monday.
The McLean, VA based company reported fourth quarter earnings of $103.09 million, or 44 cents per share, down from $116.94 million, or 49 cents per share last year.
Excluding special items, fourth quarter earnings were 89 cents per share, up 24% from 72 cents per share last year. Analysts estimated EPS of 88 cents.
Revenue for the quarter increased 9% to $1.52 billion, from $1.39 billion last year. Analysts expected to see $1.49 billion in revenue.
Although the company saw increased revenue from its digital subscription business, sales were offset by high restructuring costs.
The company saw an upside to several of its businesses including its television business, which improved on a revenue basis by 46%, and their community publishing business, which increased by 3.7%.
In 2012, GCI saw its first improved earnings since 2006.
Gannett shares were up 30 cents, or 1.51% during premarket trading Monday. The stock has increased 33% in the past year.
The Bottom Line
Shares of Gannett Co., Inc.(GCI) have a 4.03% yield, based on Friday’s closing price of $19.84.
Gannett Co., Inc.(GCI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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