Newspaper publisher Gannett Co. Inc.
on Thursday reported a profit for the second quarter that came in above Wall Street’s expectations. The company reported a net loss of $487,000 for the quarter, or breakeven earnings per share, after reporting net income of $12.5 million, or 10 cents per share during the year-earlier period. Adjusted earnings per share were 18 cents per share, above FactSet’s 17 cents consensus. Total revenue for the quarter was $774.5 million, up from $748.8 million a year, but below FactSet’s consensus of $783.0 million. Advertising revenue in the quarter was $445.2 million, with digital advertising revenue increasing 1.3%. Gannett maintained its full-year guidance for $3.15 billion to $3.22 billion in revenue while increasing expectations for adjusted EBITDA in the range of $360 million to $365 million, up from its prior guidance of $355 million to $365 million. Shares of Gannett were inactive in premarket trade, but have declined nearly 13% in the year to date, while the S&P 500 index
is up almost 11%.