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Gannett 4Q Profit Jumps 30% Amid Fewer Charges, Lower Costs

DOW JONES NEWSWIRES Gannett Inc.'s (GCI) fourth-quarter profit jumped 30% as revenue held up and the bottom line benefited from fewer charges and lower costs. The publisher of a host of newspapers, including USA Today, continued to benefit from cost cuts and revenue growth at its broadcast and digital operations. But most newspaper publishers continue to suffer as their audiences and advertisers migrate to the Internet and continued job-market woes weigh on consumers. To be sure, declines in print advertising have largely moderated from the year-over-year drops reported early last year. In the latest quarter, publishing advertising revenue slid 5.9% while circulation revenue dropped 4.1%. But the broadcasting segment saw revenue jump 27% while the digital business posted a 5.2% gain. Companywide, Gannett reported a profit of $174.1 million, or 72 cents a share, up from $133.6 million, or 56 cents, a year earlier. Excluding items such as facility consolidation and writedowns, earnings rose to 83 cents from 70 cents. Last month, Gannett said it expected to report earnings at the high end of the 72-cent to 82-cent range predicted by analysts. Revenue edged up 0.4% to $1.46 billion. Analysts were expecting $1.47 billion, according to a Thomson Reuters poll. Gross margin widened to 48.3% from 46.2%. Operating costs dropped 4.2%. Shares closed Friday at $15.19 and were inactive premarket. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;

Stock News for Gannett (GCI)
10/21/201617:05:51Amended Current Report Filing (8-k/a)
10/20/201608:00:00USA TODAY NETWORK Releases the First Weekly Virtual Reality News...
10/20/201606:20:00Plummeting Newspaper Ad Revenue Sparks New Wave of Changes
10/19/201616:30:00Gannett to Webcast Discussion of its Third Quarter 2016 Results
10/18/201613:29:28ReachLocal Enhances Facebook Advertising Solution with Lead Ads...
10/13/201609:30:00ReachLocal Chief Strategy Officer Paras Maniar to Deliver Keynote...
10/12/201616:15:00Gannett declares regular quarterly dividend
10/11/201609:30:00ReachLocal CEO Sharon Rowlands Named Female Executive of the...
10/05/201616:30:00Gannett Acquires Golfweek
09/27/201609:30:00ReachLocal Announces New Plugins for Instant Deployment of ReachEdge...
09/22/201608:00:00USA TODAY NETWORK Launches 'Voting Because' to Empower Voters
09/19/201614:37:00U.S. Secretary of Commerce Appoints Gannett’s Maribel Perez W...
09/13/201614:15:00USA TODAY NETWORK Doubles Down on Video
09/13/201611:00:00Gannett Invests in Digital Media Company Digg
09/09/201613:12:36Amended Statement of Ownership (sc 13g/a)
08/30/201617:52:09ReachLocal’s Kickserv Named One of Top User-Friendly and Most A...
08/29/201611:00:00Gannett names president, vice president/editor at North Jersey...
08/24/201616:00:00Toyota’s “Stand Together” Ad Wins USA TODAY Sports First Ever...
08/17/201622:40:00Gannett Sweetens Bid for Chicago Tribune Parent Tronc
08/15/201614:12:31Statement of Changes in Beneficial Ownership (4)

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