Gannett Falls After Q3 Earnings

Shares of media conglomerate Gannett

are lower on Monday after the company released its third-quarter earnings results prior to the opening bell. At last check, the stock was trading down around 1.50 percent to $17.63 after opening the day higher. "We achieved record third quarter results in our Broadcasting segment. Our TV stations leveraged top 10 ratings positions and a more locally focused sales effort to generate substantially higher Olympic spending. Through strong ratings and a great footprint, they also maximized the opportunity to attract political spending," President and CEO Gracia Martore said in a statement. The company reported net income of $133.08 million or $0.56 per share, compared to $99.79 million or $0.44 per share, in the year earlier period. This came in ahead of Wall Street analysts consensus EPS estimates of $0.53. Operating revenues in the quarter were up 3.4 percent to $1.31 billion from $1.27 billion last year. This also beat Wall Street revenue estimates of $1.29 billion. "The early success of our new, all access content subscription model resulted in significant growth in company-wide circulation revenue, the first increase since early 2007. CareerBuilder once again delivered outstanding results that in turn enhanced Digital segment performance," Martore said.