Gannett Tops Expectations by a Penny

Gannett

(GCI) - Get Report

said growth in advertising revenue offset rising newsprint costs in the fourth quarter, allowing the publishing company to beat estimates by a penny.

Fourth-quarter earnings for Gannett, which is based in Arlington, Va., totaled $294.9 million, or $1.12 a share, compared with $294.6 million, or $1.01 a share, in the year-ago period. The 14 analysts polled by

First Call/Thomson Financial

offered a consensus estimate of $1.11 a share.

The company reported revenue of $1.89 billion, up from $1.46 billion in the year-ago period.

Shares of Gannett lost 30 cents, or 0.5%, to $64.98 in recent

New York Stock Exchange

trading.