Gannett Co. tops Street 4Q forecasts
MCLEAN, Va. (AP) — Gannett Co. (GCI) on Thursday reported fourth-quarter profit of $24.6 million.
The McLean, Virginia-based company said it had profit of 21 cents per share. Earnings, adjusted for one-time gains and costs, were 50 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The newspaper publisher posted revenue of $867 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $847.2 million.
For the year, the company reported profit of $52.7 million, or 44 cents per share. Revenue was reported as $3.05 billion.
Gannett Co. shares have dropped 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2.5 percent.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GCI at https://www.zacks.com/ap/GCI
Keywords: Gannett Co., Earnings Report