Gannett Leans Toward High End of 4Q EPS Forecast
NEW YORK: Gannett is coming on strong toward the end of
“Most analysts’ estimates for fourth quarter EPS range from 72 cents to 82
cents. At this point, we are comfortable at the high end of that range,” said Gracia
Martore, chief operating officer of the McLean, Va., multimedia company.
Gannett’s were among a menu of media execs who presented at the UBS Media and
Communications Conference this week.
Third-quarter earnings per share totaled 42 cents; 2Q10 EPS came in at 81
Gannett’s 23 TV stations are looking good for 4Q10 as well, said Dave Lougee,
president of Gannett Broadcasting. For 2011, he said company executives “remain
optimistic given the limited visibility we have. In January, auto is pacing
very well for us and all of our major categories are pacing positively.
Marketers returned to local television in 2010 because it works and there is
every indication that will continue.”
Gannett TV revenues were $179.6 million in 3Q10, up from $145.2 million in
3Q09. Political totaled $36.6 million year-to-date as of Sept. 26, 2010. TV in
2Q pulled in $177.5 million versus $148.4 million a year earlier.
Gannett closed 3Q10 with $2.4 billion in long-term debt, down from more than $3
billion at the end of 2009. Cash and equivalents totaled $172.4 million versus
Shares of Gannett (NYSE:GCI) were trading in early afternoon at $15.41, up
nearly 4 percent year-to-date.
-- Deborah D. McAdams