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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)
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)
08/12/201614:30:00USA TODAY Sports Launches First Ever Rio Ad Meter Bracket
08/10/201616:30:57Initial Statement of Beneficial Ownership (3)
08/09/201610:39:12Current Report Filing (8-k)
08/09/201610:30:00Gannett Completes Acquisition of ReachLocal, Inc.
08/03/201618:30:00Tronc, Formerly Tribune Publishing, Raises Annual Guidance
08/03/201616:22:41Quarterly Report (10-q)
08/02/201619:12:25Statement of Changes in Beneficial Ownership (4)
08/02/201619:09:04Statement of Changes in Beneficial Ownership (4)
08/02/201619:01:23Statement of Changes in Beneficial Ownership (4)
08/01/201616:54:00Gannett Extends Tender Offer for ReachLocal, Inc. Until August...
08/01/201614:10:00CORRECTING & REPLACING GRAPHIC USA TODAY NETWORK Enhances Successful...
08/01/201610:21:00USA TODAY NETWORK Enhances Successful Gravity Ad Unit with 360...
07/27/201610:40:00Gannett Revenue Climbs but Misses Views
07/27/201609:03:58Current Report Filing (8-k)
07/27/201608:50:00Gannett Reports Second Quarter 2016 Results of Operations
07/21/201616:55:00Nucleus Marketing Solutions Selects Rubicon Project To Power...
07/19/201617:06:00Gannett declares regular quarterly dividend

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