Gannett Co. reports rise in second-quarter earnings

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Gannett Co. Inc. reported its second-quarter earnings today, its first earnings report since the company split its print operations from digital and broadcast properties, creating a new company, TEGNA, to oversee the latter. Gannett, which owns The Des Moines Register, reported a net income of $53.3 million in the quarter that ended in June, up from $52.1 million reported from the same period last year. The company also reported a rise in earnings per share, to 46 cents from 45 cents a year ago. Gannett also declared a dividend of 16 cents per share, payable to shareholders of record as of Sept. 4, and approved a $150 million share buyback program. During the second quarter, the company took several actions resulting in special charges of $20.5 million — about 75 percent of that was for workforce restructuring — including severance packages for workers who were laid off in a newsroom restructuring. Total advertising revenues for Gannett’s U.S. and foreign publications was down 8.9 percent for year-to-date 2015, compared with the same 2014 period.