Gannett Beats Estimates With Strong Q3 Earnings Results

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Gannett Beats Estimates With Strong Q3 Earnings Results

Gannett Co., Inc. (NYSE:GCI), a company engaged in providing international media and marketing solutions, posted a strong a financial performance during the third quarter of FY2012.

Gannett Beats Estimates With Strong Q3 Earnings Results

The media company’s total revenue during the third quarter, ending on September 23, was $1.31 billion, a 3.4 percent increase compared with its $1.27 billion total revenue during the same period a year ago.

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Gannett Co., Inc. (NYSE:GCI)’s net income was $133.1 million, or $0.56 per share, 33 percent higher than its net income of $99.8 million or $0.41 per share during the same quarter last year. The company exceeded the $0.53 earnings per share consensus estimate by analysts.

The company’s revenue in advertising increased by 36 percent to $237 million, due to higher advertising demand during recently concluded Olympic Games in London, and the ongoing presidential elections.

Gannet’s revenue from its digital segment during the quarter was $182 million, a 4.7 percent growth compared with its $173 million digital revenue during the same period last year. The result is attributed to the revenue growth generated from CareerBuilder.

The company’s revenue in publishing circulation was $277 million, a 5.6 percent increase from its $262 million revenue during the same period a year ago. Its revenue from advertising in publishing declined by 6.6 percent to $553 million, compared with its $591 million publishing advertising revenue in 2011.

In a statement, Gracia Martore, president and chief executive officer of Gannet said, “We achieved record third quarter results in our Broadcasting segment. Our TV stations leveraged top 10 ratings positions and a more locally focused sales effort to generate substantially higher Olympic spending. Through strong ratings and a great footprint, they also maximized the opportunity to attract political spending.”

According to Martore, Gannett Co., Inc. (NYSE:GCI)’s digital strategies are working as the company’s digital revenue now accounts for 25 percent of its total revenues.

The company’s financial performance during the third quarter included special charges of $8.7 million related to workforce restructuring, and its $1.9 million noncash impairment investment in online business, which affected its operating income. Gannet’s operating income was $217 million, 9.6 percent higher compared with the previous $198 million operating income recorded in 2011.

The stock value of Gannett Co., Inc. (NYSE:GCI) declined by 1.62 percent to $17.61 per share during the afternoon trading at the New York Stock Exchange on Monday, despite the company’s positive earnings report.

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