Gannett beats 3Q profit expectations, misses on revenue

MarketsAssociated Press

Gannett Co., Inc. (GCI) on Thursday reported third-quarter net income of $23 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the McLean, Virginia-based company said it had profit of 20 cents. Earnings, adjusted for non-recurring gains, were 16 cents per share.

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The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.

The newspaper publisher posted revenue of $744.3 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $766.4 million.

Gannett Co., Inc. expects full-year revenue in the range of $3.15 billion to $3.22 billion.

Gannett Co., Inc. shares have declined 11 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 15 percent.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on GCI at https://www.zacks.com/ap/GCI