UPDATE: Gannett Q4 Earnings Top Estimates

Gannett Co., Inc. GCI reported better-than-expected earnings for the fourth quarter. The McLean, Virginia-based company reported a quarterly profit of $676 million, or $2.92 per share, versus a year-ago profit of $90.7 million, or $0.39 per share. Excluding certain items, the company's earnings gained to $1.02 from $0.66 per share. Its revenue surged to $1.7 billion from $1.37 billion. However, analysts were expecting earnings of $1.00 per share on revenue of $1.74 billion. The company's publishing revenue dropped 6.2% to $885.5 million, while advertising revenue declined 7.8% to $543.8 million. Digital-segment revenue climbed 77% to $345.4 million, while broadcasting segment revenue jumped 117.0% to $495.3 million. The adjusted EBITDA margin rose 620 basis points to 30.0%. Gracia Martore, president and chief executive officer, said, “Our strong fourth quarter results cap a milestone year for Gannett - reflecting our bold strategy and continued focus on reshaping and reinventing the company to accelerate growth in today's multi-platform media landscape. Based on our strong operating performance and balance sheet strength, we are resuming our share buyback program, well ahead of the timeline we had previously anticipated.” Gannett shares gained 1.61% to close at $31.51 yesterday.