Gannet revenue is up 30% – BUT

Gannett Co., the owner of 82 newspapers as well as television stations, reported fourth- quarter profit that increased 30 percent on cost cutting and rising TV advertising revenue.  BUT newsaper revenue, including advertising and circulation, declined 4.7 percent

Net income advanced to $174.1 million, or 72 cents a share, from $133.6 million, or 56 cents, a year earlier, the McLean, Virginia-based company said today in a statement. Earnings, excluding some items, rose to 83 cents a share. Analysts projected 81 cents on average, according to estimates compiled by Bloomberg.

Gannett, the first large newspaper publisher to report its results for the quarter, is watched by investors as an indicator of how the industry is faring. The company’s publishing revenue, including advertising and circulation, declined 4.7 percent in the fourth quarter to $1.06 billion. The print decline was offset by a 27 percent gain in broadcast-TV revenue and 5.2 percent increase in digital revenue.

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