Gannett Co. Inc. reported a rise in fourth-quarter revenue on strong ad sales at its television stations and as subscribers paid more for its newspapers as profit topped estimates.
Gannett, the largest newspaper chain in the United States, on Monday reported revenue of $1.52 billion versus $1.38 billion in the year-earlier period, and topped analysts' expectations of $1.49 billion, according to Thomson Reuters I/B/E/S.
Part of the increase in revenue had to do with an extra week in the quarter, compared to the same period last year.
Still, the company benefited from political advertising at its local TV stations and from its digital pay model it has rolled out at its newspapers.
Net income totaled $103 million, or 44 cents per share, compared with $116 million, or 49 cents per share for the same period last year.
Excluding special items, earnings came to 89 cents per share compared with 72 cents in the same period last year.
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