logo
  Join        Login             Stock Quote

Gannett (GCI) 4Q Earnings Decline 11.8 Pct, Yet Beat Estimates

 February 04, 2013 09:23 AM
 


(By Balaseshan) Gannett Co. Inc. (NYSE: GCI), the largest newspaper chain in the United States, reported a 11.8% decline in fourth quarter earnings due to higher tax provision. However, results exceeded Street's expectations.

Earnings for the fourth quarter were $103.09 million or $0.44 per share, down from $116.94 million or $0.49 per share last year. Adjusted earnings per share rose to $0.89 from $0.72.

Operating revenue increased 9.4% to $1.52 billion, on a substantial increase in Broadcasting segment revenue, higher Publishing segment revenue as well as the extra week.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.88 per share on revenue of $1.49 billion for the fourth quarter.

[Related -Zale Corporation (ZLC): Options Active As Shares Pop After Earnings]

Publishing revenue rose 3.7% to $1.04 billion, reflecting the extra week and an increase in circulation revenues. Retail advertising was down 1.3% in quarter as tepid economic recovery continues to impact advertising demand.

Broadcasting revenue jumped 43.9% to $287.51 million, driven by political spending. Digital revenue rose 3.2% to $187.25 million, due primarily to revenue growth at CareerBuilder.

In December, Gannett's consolidated domestic Internet audience share increased 7.6% from last year to 54.6 million unique visitors reaching 24.7% of the Internet audience, according to Comscore Media Metrix. CareerBuilder's unique visitors in the fourth quarter averaged 21.0 million.

[Related -How To Invest Like A Berkshire Insider]

Looking ahead into the first quarter, expects the percentage increase in television advertising revenues to be up in the high-single digits based on current trends. Excluding political variances year-to-year, the percentage increase in total television revenues is projected to be up in the 10% to 12% range in the first quarter.

GCI closed Friday's regular trading at $19.84. The stock has been trading between $12.17 and $20.61 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.