Printing and Publishing Stocks Mixed, Gannett Slumps (GCI, LEE, MNI, NYT)
Gannett Co., Inc.(NYSE:GCI) shares slumped 7.25% to $13.95 despite the company reported better than estimated first-quarter earnings.
The company said that it earned $68.22 million, down from a year ago profit of $90.49 million. EPS on a GAAP basis were 28 cents, from 37 cents. On an adjusted basis, the company would have earned 34 cents a share, topping analysts’ estimates by 3 cents.
Revenue during the quarter fell to $1.22 billion from $1.25 billion in the prior year quarter, missing analysts’ estimates of $1.24 billion for the quarter.
Gracia Martore, president and chief executive officer of the company said, “Our first quarter results were impacted by spending on strategic investments and advertising softness, particularly during January’s industry-wide slowdown. Improving advertising activity in February and March, while encouraging, did not overcome the slow start to the year.”
Lee Enterprises, Incorporated(NYSE:LEE) shares climbed 15.52% to $1.34 on very unusual volume after the company accepted to a $258 million bid from Lee Equity Partners. The all-cash deal for $8.85 a share is a 43% premium over the Edelman’s closing price on Friday on the Nasdaq. The deal for Edelman, which manages about $17 billion, is expected to close during the third quarter of 2012.
The McClatchy Company(NYSE:MNI) shares also climbed 5.22% to $2.82, off session high of $2.96. Analysts are estimating the company to report a loss of 13 cents a share in its latest quarter, worse than a year ago loss of 4 cents a share. Revenue is projected to fall by 3.90% to $291.80 million, from a year ago revenue of $303.73 million.
The New York Times Company(NYSE:NYT) was trading lower by 1.11% to $6.23. The company is scheduled to report its quarterly earnings on April 19, 2012. Analysts’ are estimating the company to report 2 cents a share, unchanged from its year ago profit of 2 cents a share. Revenue is projected to fall by 11.70% to $500.34 million, from a year ago revenue of $566.50 million.