Gannett net income drops, narrow profit margins predicted

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Gannett Co., the nation’s largest newspaper group and owner of Register Media in Des Moines, reported lower net earnings for the second quarter of 2016, largely because of higher expenses and slightly lower ad revenue. The company’s earnings before interest, tax, depreciation and amortization were down by $7.3 million from the 2105 second quarter, from $97 million to $89.7 million, according to a company release. The company attributed that to changes in its CareerBuilder affiliate agreements and unfavorable international currency exchange rates. The company reported profits of $12.3 million, or 10 cents a share, down from $53.3 million, or 46 cents a share, a year earlier. The company predicted revenue growth of 7 percent to 9 percent for the rest of the year, but narrow profit margins because of its continuing efforts to acquire more papers as part of the struggling newspaper industry’s trend toward consolidation.

oakridge web 120124 2 300x250