Gannett posts second-quarter profit
- July 15, 2009
Newspaper publishing company Gannett beat analysts’ expectations in the second quarter, even as advertising revenues continued to decline.
The McLean-based company reported net income of $70.5 million for the second quarter, compared with a loss of $2.29 billion during the same quarter last year. Last year’s loss reflected a write-down and other charges.
Gannett reported adjusted earnings of 46 cents per share, while analysts had predicted an average of 37 cents per share, according to Reuters’ estimates. Gannett’s advertising revenues, however, dropped more than expected. Sales fell 18 percent to $1.41 billion.
This summer, Gannett plans to lay off 1,400 employees.