Gannett Q3 Profit Rises, Adj. EPS Tops View - Quick Facts

(RTTNews) - Gannett Co. Inc. (GCI) reported that its net income attributable to the company for the third-quarter increased to $118.52 million from the previous year's $79.75 million, with earnings per share improving to $0.51 from $0.34 last year.

Non-GAAP earnings per share of $0.59 for the third quarter, a 37.2 percent increase from $0.43 in the third quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items. The substantial increase was driven by the strength of the company's expanded television station portfolio in the Broadcasting Segment as well as significantly improved Digital Segment results.

Gracia Martore, president and chief executive officer, said,"Gannett drove increases in both overall company revenue and free cash flow this quarter. ...... We expect to build on our current momentum during the fourth quarter with the addition of Cars.com and the continued successful execution of our strategies."

Operating revenues in the third quarter totaled $1.44 billion, an increase of 15.2 percent compared to $1.25 billion in the third quarter of 2013. Wall Street expected revenues of $1.44 billion for the quarter. The increase reflects revenue growth in the Broadcasting Segment of almost 105 percent, due primarily to the acquisition of Belo Corp., and Digital Segment revenue growth of 4.4 percent. Publishing Segment revenues were 3.6 percent lower in the quarter.

On a pro forma basis, total company revenues were up 3.8 percent in the quarter.