Media Titans McClatchy Company and Harman International Lightning Up Trading Screens After Earnings
The McClatchy Company (NYSE:MNI) reported net income above Wall Street’s expectations for the fourth quarter. Net income for The McClatchy Company rose to $42 million (49 cents per share) vs. $14.9 million (17 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter. Revenue fell 5% to $351.4 million from the year earlier quarter. The McClatchy Company beat the mean analyst estimate of 35 cents per share. Analysts were expecting revenue of $347.8 million.
Gary Pruitt, chairman and chief executive officer, said, “We were pleased to see our advertising revenue results improve in the fourth quarter. For the first three quarters of 2011 ad revenues were consistently down in the 10% range compared to a decline of 5.7% in the fourth quarter. The improving advertising results were led by retail, direct marketing and national advertising, and we also posted strong growth in digital-only advertising.”
Competitors to Watch: Gannett Co., Inc. (NYSE:GCI), GateHouse Media, Inc. (GHSE), The New York Times Company (NYSE:NYT), Lee Enterprises, Inc. (NYSE:LEE), A.H. Belo Corporation (NYSE:AHC), Media General, Inc. (NYSE:MEG), Sun Times Media Group, Inc. (SUTMQ), The E.W. Scripps Company (NYSE:SSP), Daily Journal Corporation (NASDAQ:DJCO), AOL (NYSE:AOL), Interactive Corp (NASDAQ:IACI), McGraw-Hill (NYSE:MHP), Pearson (NYSE:PSO), Washington Post (NYSE:WPO) and News Corporation (NASDAQ:NWSA).
Harman International Ind. Inc. (NYSE:HAR) reported net income above Wall Street’s expectations for the second quarter. Net income for the electronic equipment company rose to $59 million (82 cents per share) vs. $53.1 million (74 cents per share) in the same quarter a year earlier. This marks a rise of 11.2% from the year earlier quarter. Revenue rose 17.9% to $1.13 billion from the year earlier quarter. Harman International Ind. Inc. reported adjusted net income of 83 cents per share. By that measure, the company beat the mean estimate of 76 cents per share. It beat the average revenue estimate of $1.05 billion.
Dinesh C. Paliwal, the Company’s Chairman, President and CEO, said, “We are earning trust with key stakeholders by delivering sound financial returns, by investing in bringing new innovation to market and by gaining share from our competitors. With over 4000 patents and patents pending, we believe our accelerated pace of innovation is a key driver of our continued profitable growth.”
Competitors to Watch: Panasonic Corp. (NYSE:PC), Sony Corporation (NYSE:SNE), Audiovox Corporation (NASDAQ:VOXX), Koss Corporation (NASDAQ:KOSS), Emerson Radio Corp. (AMEX:MSN), Apple Inc. (NASDAQ:AAPL), and Mad Catz Interactive, Inc. (AMEX:MCZ).
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