UPDATE: Gannett Posts Better-Than-Expected Q3 Profit

Gannett Co GCI reported better-than-expected profit for the third quarter. The McLean, Virginia-based company posted quarterly net income of $118.5 million, or $0.51 per share, versus a year-ago profit of $79.7 million, or $0.34 per share. Its adjusted earnings came in at $0.59 per share. Its revenue jumped 15.2% to $1.44 billion from $1.25 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $1.44 billion. Adjusted EBITDA climbed 47% to $342 million, while free cash flow climbed 76% to $186 million. Revenue in the Broadcasting Segment jumped around 105% to $416.5 million, while Digital Segment revenue gained 4.4% to $199.8 million. Publishing Segment revenue declined 3.6% to $826.8 million in the quarter. Gracia Martore, president and chief executive officer, said, "We made great progress again this quarter, both in the outstanding performance of our businesses and the continued transformation of the Gannett portfolio. Year-over-year revenue comparisons for each of our business segments improved relative to second quarter comparisons, just as we anticipated.” Gannett shares rose 1.32% to close at $27.69 on Friday.