Gannett Q1 Earnings Top Views

reported better-than-expected earnings for the first quarter on Tuesday. The McLean, Virginia-based company reported a quarterly net income of $112.9 million, or $0.49 per share, compared to $59.2 million, or $0.25 per share, in the year-ago quarter. Its adjusted earnings came in at $0.49 per share. Its sales climbed to $1.47 billion from $1.40 billion. However, analysts were expecting a profit of $0.45 per share on revenue of $1.52 billion. Its broadcasting revenue gained 3.8 percent to $396.8 million. Publishing segment revenue slipped 8.8 percent to $768.2 million in the quarter, while digital segment revenue surged 85.1 percent to $332.7 million. The Adjusted EBITDA margin rose 180 basis points to 22.1 percent in the first quarter. During the quarter, Gannett repurchased around 1.1 million shares of its outstanding stock for $37.5 million. Gracia Martore, president and chief executive officer, said, "We're off to a great start in 2015 with strong first quarter results and each of our businesses successfully executing on their strategic plans as we approach our separation into two publicly traded companies mid-year." Martore added, "With all three of our businesses gaining momentum, we are very well-positioned to complete the separation of our businesses later this year. We expect to complete the spin-off by mid-year, and look forward to the enhanced opportunities we expect the separation will create for both companies." Gannett shares closed at $35.14 yesterday.