Gannett Reports Q4 Net Income of $64.3 Million
PITTSFORD, N.Y. (AP) - Gannett Co., Inc. (GCI) reported net income of $64.3 million in its fourth quarter, driven by cost-cutting measures and improved advertising revenue.
Key Financial Highlights:
* Net income: $64.3 million, up from a loss of $17.8 million in the same period last year
* Earnings per share (EPS): 11 cents, compared to a loss of 30 cents per share in Q4 2021
* Adjusted EPS: 7 cents, excluding non-recurring gains
* Revenue: $621.3 million, an increase of 3.1% year-over-year
Full-Year Results:
* Net loss: $26.4 million
* EPS: Loss of 18 cents
* Revenue: $2.51 billion
Cost-Cutting Efforts and Advertising Revenue:
Gannett's improved financial performance in Q4 is attributed to continued cost-saving initiatives and a recovery in advertising revenue. The company has implemented workforce reductions and asset sales to reduce expenses. At the same time, advertising revenue has increased as businesses ramp up their marketing budgets following the easing of pandemic restrictions.
Outlook:
Gannett remains optimistic about the future, citing its commitment to providing quality journalism and the growing adoption of digital subscriptions. The company expects to continue focusing on cost management and revenue growth in the coming quarters.