Skip to main content

Market Overview

UPDATE: Gannett Q4 Earnings Top Estimates

Share:

Gannett Co., Inc. (NYSE: GCI) reported better-than-expected earnings for the fourth quarter.

The McLean, Virginia-based company reported a quarterly profit of $676 million, or $2.92 per share, versus a year-ago profit of $90.7 million, or $0.39 per share. Excluding certain items, the company's earnings gained to $1.02 from $0.66 per share.

Its revenue surged to $1.7 billion from $1.37 billion. However, analysts were expecting earnings of $1.00 per share on revenue of $1.74 billion.

The company's publishing revenue dropped 6.2% to $885.5 million, while advertising revenue declined 7.8% to $543.8 million.

Digital-segment revenue climbed 77% to $345.4 million, while broadcasting segment revenue jumped 117.0% to $495.3 million.

The adjusted EBITDA margin rose 620 basis points to 30.0%.

Gracia Martore, president and chief executive officer, said, “Our strong fourth quarter results cap a milestone year for Gannett - reflecting our bold strategy and continued focus on reshaping and reinventing the company to accelerate growth in today's multi-platform media landscape. Based on our strong operating performance and balance sheet strength, we are resuming our share buyback program, well ahead of the timeline we had previously anticipated.”

Gannett shares gained 1.61% to close at $31.51 yesterday.

 

Related Articles (GCI)

View Comments and Join the Discussion!

Posted-In: profitEarnings News

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com