Gannett Co., Inc. (GCI) Maintains Winning Streak As Earnings Top Expectations

Gannett Co., Inc. (NYSE:GCI) has maintained its winning streak yet again by announcing adjusted earnings that came in more than the analysts’ expectations. This meant that the company has maintained its winning streak of at least five quarters. Predictably, broadcast and digital segment helped the company to record a strong revenue uptick of 24%.

Gannett Co., Inc. (NYSE:GCI) said that broadcasting segment’s expanded television station portfolio and the acquisition of in the digital division driven 55% jump in earnings per share.

Strong Progress

The company’s President and CEO, Gracia Martore, said that the company made a terrific progress in every business after unveiling its transformation strategy three years ago. It culminated in its plan to divide into two highly focused public entities. The CEO said that both the companies would lead in their respective industrial field with remarkable scale and bigger freedom to focus its resources. Aside from this, its tactics would also concentrate on the promising and value-enhancing business areas.

Gannett Co., Inc. (NYSE:GCI) CEO said that the company was on track with its separation activities. The company would come out with more details of its plans for the Publishing, as well as, Broadcasting/Digital firms in the months ahead.

4Q Results

The company reported attributable net income of $676.03 million or $2.92 a share for the fourth quarter compared to $90.75 million or 39 cents a share in the year-ago quarter. On an adjusted basis, earnings jumped 55% to $1.02 a share from 66 cents a share in the prior year quarter.

Gannett Co., Inc. (NYSE:GCI)’s top line advanced 24% to $1.7 billion from $1.37 billion in the previous year quarter. Revenue from broadcasting jumped 117% to $495.27 million while digital revenue climbed 76.6% to $345.35 million. Its publishing advertising and publishing circulation witnessed a downtick of 7.8% and 2.2% respectively. On average, analysts’ expected the company to earn $1.00 a share and revenue of $1.74 billion. At the end of December quarter, the company’s free cash flow was $202.65 million.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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