Gannett Lifts FY23 Earnings View, Backs Revenue Forecast - Update

(RTTNews) - While announcing a profit in its first quarter, compared to last year's loss, despite weak revenues, mass media holding company Gannett Co. (GCI) on Thursday raised its full year 2022 earnings outlook and backed revenue forecast.

For the full year, the company now projects net result attributable to Gannett between a loss of $15 million and a net income of $15 million. The company previously expected net result attributable to Gannett between a loss of $20 million and net income of $10 million.

For 2023, the company continues to expect revenues of $2.75 billion to $2.80 billion and same store total revenues year-over-year drop of 5 percent to 3 percent.

In the first quarter, net income attributable to Gannett was $10.3 million, compared to last year's net loss attributable to Gannett of $3.0 million. Earnings per share were $0.07, compared to loss of $0.02 in the same period last year.

Adjusted net income attributable to Gannett was $5.8 million.

Total revenues of $668.9 million decreased 10.6 percent from $748.08 million in the same period last year.

Same store revenues decreased 9.3 percent compared to the first quarter of 2022

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