Media giant Gannett Co., Inc. (
) on Monday posted a sharp decline in first quarter earnings,
sending its shares plunging in morning trading.
The McLean, VA-based company reported first quarter net income
of $68.22 million, or 28 cents per share, compared with $90.49
million, or 37 cents per share, in the year-ago period. Excluding
one-time items, adjusted profit was 34 cents per share.
Total revenues fell slightly from last year to $1.22
On average, Wall Street analysts expected a smaller adjusted
profit of 31 cents per share, albeit on higher revenue of $1.24
Gannett shares plunged $1.08, or -7.2%, in premarket trading
The Bottom Line
Shares of Gannett (
) have a 5.32% dividend yield, based on Friday's closing stock
price of $15.04. The stock has technical support in the $13-$14
price area. If the shares can firm up, we see overhead resistance
around the $16-$17 price levels.
Gannett Co., Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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