Gannett Co.: 2Q Earnings Snapshot
MCLEAN, Va. (AP) _ Gannett Co. (GCI) on Thursday reported second-quarter net income of $16.3 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the McLean, Virginia-based company said it had net income of 14 cents. Earnings, adjusted for one-time gains and costs, were 31 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The newspaper publisher posted revenue of $730.8 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $741.4 million.
Gannett Co. shares have declined 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 7 percent.