USA Today owner Gannett beat Q4 revenue and profit, but print advertising still declining
Gannett Co. Inc. shares rose nearly 9% in premarket trade on Thursday after the USA Today owner reported fourth-quarter earnings that were better than Wall Street had forecast. Gannett posted net income of $24.6 million, or 21 cents per share, improved compared with last year's $20.4 million, or 17 cents during the same quarter a year ago. Adjusted per-share earnings for the quarter were 50 cents, well above FactSet's 39 cents consensus. Revenue for the quarter hit $867.0 million, up from $739.3 million in the year-earlier period, and above FactSet's consensus of $849.0 million. Gannett's print advertising and circulation demand continued to decline in the quarter, with print advertising revenue at USA Today falling 15.3% in the US and 14.2% in the U.K. Gannett shares are down more than 41% in the trailing 12-month period, while the S&P 500 Index is up nearly 24%.
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