Gannett Tops Expectations by a Penny
Gannett
(GCI) - Get Gannett Co. Inc. 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
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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.
