S&P 500 (NYSE:SPY) component Gannett Co., Inc. (NYSE:GCI) reported its results for the second quarter. Gannett Co., Inc. is an international news and information company operating mainly in the realms of publishing, digital and broadcasting.
Gannett Co Earnings Cheat Sheet for the Second Quarter
Results: Net income for the publisher fell to $151.5 million (62 cents per share). This is a decline of 22.5% from the year earlier quarter.
Revenue: Fell 2.2% to $1.33 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: GCI reported adjusted net income of 58 cents per share. By that measure, the company beat the mean estimate of 57 cents per share. Analysts were expecting revenue of $1.33 billion.
Quoting Management: “Our results for the quarter reflect the positive impact of our ongoing efforts to focus on our customers and to meet their business and marketing needs across our platforms. This resulted in higher digital revenues for the quarter in each of our business segments. Company-wide digital revenues were up 13 percent compared to last year. Broadcasting segment revenue was up slightly overcoming the significant political advertising spends of last year. Each of our business segments was solidly profitable, due in part to our commitment to align our expenses with revenue opportunities. We accomplished this despite the continued challenging economic environments in many markets and the impact of the crisis in Japan on the supply chain and inventories for autos and consumer electronics,” said Craig Dubow, chairman and chief executive officer.
Revenue has fallen in the past four quarters. Revenue declined 5.4% to $1.25 billion in the first quarter. The figure fell 1.6% in the fourth quarter of the last fiscal year from the year earlier and dropped 1.8% in the third quarter of the last fiscal year from the year-ago quarter.
The company has now seen net income fall in each of the last two quarters. In the first quarter, net income fell 22.8% from the year earlier quarter.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 41 cents versus a mean estimate of net income of 42 cents per share.
Competitors to Watch: The E.W. Scripps Company (NYSE:SSP), The New York Times Company (NYSE:NYT), The McClatchy Company (NYSE:MNI), News Corporation (NASDAQ:NWSA), Media General, Inc. (NYSE:MEG), Lee Enterprises, Inc. (NYSE:LEE), Journal Communications, Inc. (NYSE:JRN), A. H. Belo Corporation (NYSE:AHC), and Meredith Corporation (NYSE:MDP).
(Source: Xignite Financials)