Gannett sees high end of earnings expectations
Wednesday, December 8, 2010
NEW YORK (AP) — Gannett, the country’s biggest newspaper publisher, says fourth quarter earnings will hit the high end of Wall Street expectations.
The company’s TV stations have benefited as auto makers and other advertisers ramp up commercial spending coming out of the recession. Political campaigns also spent big money on TV time during the midterm elections. And Gannett Co.’s newspapers, including USA Today and other dailies, have seen print advertising declines ease.
Gannett Chief Operating Officer Gracia Martore says the company is “comfortable” that its fourth-quarter profit will be at the high end of expectations.
Analysts surveyed by Thomson Reuters estimate earnings for the final three months of the year at between 72 cents and 80 cents per share.
Gannett Co. shares rose 50 cents, or 3 percent, to $15.82 in morning trading.