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Feb. 25, 2021, 6:47 a.m. EST

USA Today parent Gannett posts wider-than-expected loss but revenue beats estimates

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By Ciara Linnane

USA Today parent Gannett Co. Inc. /zigman2/quotes/202050177/composite GCI +1.32% posted a bigger-than-expected loss for the fourth quarter Thursday, but revenue that beat estimates. The company said it had a net loss of $122.2 million, or 92 cents a share, in the quarter, wider than the loss of $95.1 million, or $1.05 a share, posted in the year-earlier period. Revenue rose to $875.4 million from $699.3 million. The FactSet consensus was for a loss per share of 32 cents and revenue of $857.0 million. Paid digital subscriptions rose 29% to reach 1.1 million. The company reduced debt and refinanced outstanding debt in moves expected to generate $90 million of annual cash interest savings in 2021, it said in a statement. "We have outlined five key operating priorities: accelerating digital subscriber growth, driving digital marketing services growth, optimizing our traditional print operations and advertising businesses, prioritizing investments into growth businesses that support our vision, and building our inclusive and diverse culture," Chief Executive Michael Reed said in a statement. Shares rose 1.6% premarket, and have gained 10% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.34% has gained 22%.

/zigman2/quotes/202050177/composite
US : U.S.: NYSE
$ 6.14
+0.08 +1.32%
Volume: 589,499
Oct. 18, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$863.59 million
Rev. per Employee
$188,159
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/zigman2/quotes/210599714/realtime
US : S&P US
4,486.46
+15.09 +0.34%
Volume: 1.87B
Oct. 18, 2021 5:05p
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