Gannett’s Q3 Profit Surges 33%, Beating View; Broadcasting Unit Leads the Way (GCI)

Share |

Mass media giant Gannett Co., Inc. ( GCI ) on Monday posted a sharp uptick in third quarter earnings, beating Wall Street estimates, as big gains in its broadcasting unit added substantially to its bottom line.

The McLean, VA-based company reported third quarter net income of $133.1 million, or 56 cents per share, compared with $99.79 million, or 41 cents per share, in the year-ago period.

Revenue rose 3.4% from last year to $1.31 billion.

On average, Wall Street analysts expected a smaller profit of 53 cents per share, on lower revenue of $1.29 billion.

GCI cited big gains in its broadcasting unit for the earnings beat. The company said revenue in that division jumped 36% from last year, helped by political ad spending as well as ad purchases during the Summer Olympics.

Gannett shares, which have risen 34% year-to-date, were unchanged in premarket trading Monday.

The Bottom Line
Shares of Gannett ( GCI ) have a 4.47% dividend yield, based on Friday's closing stock price of $17.90. The stock has technical support in the $14-$16 price area. If the shares can firm up, we see overhead resistance around the $19-$20 price levels.

Gannett Co., Inc. ( GCI ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Created by

This article appears in: Investing , Stocks

Referenced Stocks: GCI

More from

Related Videos



Most Active by Volume

  • $10.50 ▲ 3.04%
  • $29.22 ▲ 4.62%
  • $16.36 ▼ 0.49%
  • $113.29 ▲ 0.33%
  • $2.39 ▲ 4.82%
  • $5.78 ▲ 0.87%
  • $105.62 ▼ 0.02%
  • $28.42 ▲ 2.53%
As of 8/28/2015, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by