he best thing you can say about Gannett’s Q1 performance: It meet the meager expectations the company had set for itself. Gannett (GCI) posted EPS of 77 cents (excluding a one-time gain) on $1.7 billion in sales, which is exactly what the street was expecting and what the company had said it would do last month.
That’s about it for upside. Revenues were down 8.4% y/y, operating income down 14.2%. Print advertising was down 1.2% (though USA Today ad revenue was up 2.1%) and broadcasting revenue was down 7.0%. Management doesn’t have encouraging things to say about the future. CEO Craig Duow:
“We faced a very challenging advertising environment as the economy further weakened in the quarter, particularly in the latter half of March. We are focused on positioning the company for the future from both a revenue and expense perspective as we navigate the uncertain economic environment.”
Obligatory hopeful note about the Web: USAToday.com is popular, and Nielsen says all of Gannett U.S. Internet properties had 24.8 million uniques in March.
See Also: Gannett Q4 Profits Plummet
Business Insider Emails & Alerts
Site highlights each day to your inbox.