NEW YORK (TheStreet) -- Shares of Gannett Co. (GCI) are up 4.79% to $33.24 after the newspaper and broadcast company beat analyst expectations for the second quarter, reporting earnings per share of 67 cents, up 15.5% from 58 cents from the same quarter last year, and beating the consensus estimate of 64 cents.
Revenue was up 12.1% year-over-year to $1.46 billion for the quarter, below the consensus estimate of $1.48 billion.
Broadcasting revenue, which accounts for more than a quarter of Gannett's total, rose 13.4% to $398.3 million which benefited from the acquisition of Belo's TV stations.
Publishing revenue fell 4.1% to $867.4 million, on a 5.7% decline in advertising revenue and 0.6% slip in circulation revenue to $530.2 million and $277.9 million, respectively.
Separately, TheStreet Ratings team rates GANNETT CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GANNETT CO (GCI) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."