Gannett (NYSE:GCI) revealed on Monday a 33% drop in fourth-quarter profit on restructuring and early retirement charges, however the results trumped Wall Street expectations as digital revenues and its CareerBuilder site grew more than expected.
The McLean, Va.-based media and marketing company posted net income of $116.9 million, or 49 cents a share, compared with a year-earlier $174.1 million, or 72 cents.
Continue Reading Below
The drop in net income was related to the disability-related retirement of CEO Craig Dubow in October that cost the company some $14.7 million, and facility consolidations in the U.S. and U.K., the largest of which involved the transfer of activities for The Cincinnati Enquirer.
Excluding one-time items, the company earned 72 cents, ahead of average analyst estimates of 68 cents in a Thomson Reuters poll.
“During a period of weak economic growth, Gannett once again differentiated itself within the media industry by delivering solid profitability across each of our market-leading business segments,” the company’s chief executive, Gracia Martore, said in a statement.
Revenue for the three months ended Dec. 25 was $1.39 billion, down 5.1% from $1.46 billion a year ago, matching the Street’s view.
A 5.3% decline in its publishing business brought down total revenue, partially offset by a 21% jump in digital property sales, including strong gains at CareerBuilder.