The McClatchy Company Earnings: Profit Drops Hard as Revenue Declines
The McClatchy Company (NYSE:MNI) reported its results for the third quarter. McClatchy is a newspaper company in the United States.
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The McClatchy Company Earnings Cheat Sheet
Results: Net income for The McClatchy Company fell to $5.1 million (6 cents per share) vs. $9.4 million (11 cents per share) a year earlier. This is a decline of 45.8% from the year-earlier quarter.
Revenue: Fell 4.2% to $287.5 million from the year-earlier quarter.
Quoting Management: Pat Talamantes, McClatchy’s President and CEO, said, “Our third quarter results demonstrate that we’re making progress in an uncertain economy. The advertising trend continued to move in the right direction in the third quarter: Ad revenues were down 6.8% in the first quarter of 2012, down 5.7% in the second quarter of 2012 and down 5.4% this quarter. We were particularly pleased to see continued growth in our digital advertising revenues and are excited about initiatives underway to pursue new revenue in both advertising and subscriptions.”
For four consecutive quarters, revenue has fallen. Revenue declined 4.8% to $299.3 million in the second quarter. The figure fell 5.1% in the first quarter from the year earlier and dropped 5% in the fourth quarter of the last fiscal year from the year-ago quarter.
The average estimate for the fiscal year is 80 cents per share, a rise from 68 cents ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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