Gannett sees profit at low end of range
MCLEAN, Va. – Gannett Co., the largest newspaper publisher in the country, said Thursday it expects to report first-quarter earnings at the low end of Wall Street estimates.The company, which publishes USA Today and 90 other daily newspapers in the United States, also projected online advertising revenue growth in the mid-teen percentage range.Gannett said it has cost controls in place to counterbalance a cyclical downturn in its British operations, and it expects that business to be positioned to improve its bottom line.Gannett said it expects to report profit at the low end of the range of most analysts estimates, which the company put at 98 cents to $1.02 per share. Analysts surveyed by Thomson Financial, on average, expect the company to earn $1.02 per share.In a presentation to analysts, CEO Craig Dubow said broadcast revenues have benefited this year from the Winter Olympic Games and the Super Bowl.The company’s shares rose 13 cents to $59.18 in afternoon trading on the New York Stock Exchange.Vail, Colorado
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