Gannett Earnings Up 54 Percent

Gannett, the media company that owns USA TODAY said Tuesday its adjusted fourth-quarter net income rose 54 percent to $234.8 million, as its broadcasting and digital units generated higher revenues and profits.

Adjusted earnings per share for the quarter totaled $1.02 vs. analysts' consensus estimate of $1.01. The estimates, compiled by Zacks Investment Research, ranged from $1.00 to $1.02.

Its non-adjusted net income totaled $676 million vs. $90.7 million a year ago, reflecting a special gain from the write-up of the company's equity investment in Classified Ventures. In October, Gannett completed buying the 73 percent of Classified Ventures, which ran Cars.com, that it didn't already own for $1.8 billion.

"Based on our strong operating performance and balance sheet strength, we are resuming our share buyback program, well ahead of the timeline we had previously anticipated," said Gannett CEO Gracia Martore, in a statement.

The quarterly revenue was 24.3 percent higher to $1.7 billion.

• Revenue from the broadcasting segment, which owns or operates 46 stations, rose 117 percent to $495.3 million. In late 2013, Gannett bought former competitor Belo for $2.2 billion, nearly doubling the number of stations it owns or operates.
• Revenue for Gannett's digital unit rose 77 percent to $345.4 million, including advertising sales at Cars.com and CareerBuilder.com.
• Its publishing segment, which operates 82 newspapers, reported a 6.2 percent decline in revenue to $885.5 million. In August, Gannett announced that it would split the company later this year, with the print business retaining the corporate name and the broadcasting and digital segments grouped into a newly named entity.