Gannett Missed Fourth-quarter Earnings Expectations

Gannett Co. missed fourth-quarter earnings expectations Wednesday. The media company reported net income of $20.4 million, or 17 cents per share, down from $66.9 million, or 58 cents per share, in the year-earlier period. Gannett reported adjusted earnings per share of 53 cents, below the FactSet consensus of 54 cents. Gannett reported revenue of $739.3 million, down from $818.9 million in the year-earlier period and below the FactSet consensus of $756 million. Shares of Gannett have fallen 10% in the past three monhts, compared to the S&P 500's decline of 8%.