Gannett Cuts FY22 Outlook, Now Sees A Net Loss - Update

(RTTNews) - While announcing a loss and weak revenues in its second quarter, Gannett Co. (GCI) revised its full year 2022 outlook based on current economic conditions.

For the year, the company now expects net loss attributable to Gannett between $60 million and $70 million, and adjusted EBITDA between $270 million and $300 million.

Gannett previously expected net earnings for full year 2022 of $50 million to $70 million and adjusted EBITDA of $380 million to $400 million.

Further, revenues are now expected to be between $2.95 billion and $3.0 billion, lower than previous view of $3.1 billion-$3.2 billion.

Same-store total revenues are now expected to be down 6 percent to 7 percent from last year, while previous estimate was between a drop of 2 percent and a rise of 1 percent.