MCLEAN, Virginia -- Gannett Co. posted a profit in the second quarter, beating analyst expectations and reversing a loss recorded in the year-ago period.The largest U.S. newspaper publisher recorded income of $70 million, or 30 cents per share. Excluding special items, the company posted adjusted earnings of 46 cents per share, topping the average Wall Street forecast of 36 cents per share, according to Thomson Reuters.
In the second quarter of last year, Gannett recorded a loss of $10.03 per share because it booked a hefty write-down on its declining market value.
Revenue in the latest quarter fell 18 percent to $1.41 billion, as ad revenue at the company's publishing division sank 32 percent. Analysts projected sales of $1.46 billion.
Gannett, based in McLean, Va., publishes USA Today and more than 80 other daily newspapers.
Gannett is the owner of WKYC-TV.
Source: The Associated Press
