Gannett to Meet Quarterly Earnings Forecast

Gannett Co., the biggest U.S. newspaper publisher, said first-quarter earnings will meet estimates, even as other newspaper companies have said their profits are being hurt by slowing advertising sales. “Barring any further reduction” in the advertising market, the company expects per-share profit of 66 cents to 68 cents, Chief Executive Doug McCorkindale said. Analysts have forecast 67 cents, down from 74 cents a year ago. Ad sales at Gannett’s 99 U.S. daily papers, including USA Today, continue to be below last year. Cost-cutting, including labor and interest payments on its debt, are helping offset the decline, McCorkindale said. Gannett closed down 35 cents at $56.50 on the NYSE.