Gannett Reports Profit In Q4; Digital-Only Paid Subscription Growth At 24%

(RTTNews) - Gannett Co., Inc. (GCI) reported fourth quarter net income attributable to Gannett of $32.8 million compared to a loss of $22.5 million, prior year. The company said the increase was driven by lower tax provision and the prior year impact of loss on early extinguishment of debt. Income per share attributable to Gannett was $0.17 compared to a loss of $0.17. Adjusted net income to Gannett increased to $53.2 million from $10.0 million.

Analysts polled by Thomson Reuters expected the company to report profit per share of $0.16, for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues declined to $730.7 million from $826.5 million. Total revenues decreased 11.6% compared to the fourth quarter of 2021. Same store revenues decreased 10.3%. Revenue from digital-only paid subscriptions rose 29% year-over-year.

Total digital revenues were $269.2 million or 36.8% of total revenues, down 0.4% over the same period in the prior year on a same store basis mainly as a result of declines in digital media year-over-year. Quarter end Digital-Only Subscribers were up 24.2% year-over-year.

For 2023, the company expects: revenues of $2.75 billion to $2.80 billion, and net result attributable to Gannett between a loss of $20 million and net income of $10 million.

As of December 31, 2022, the company had cash and cash equivalents of $94.3 million.

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