Gannett Profit Drops as Sales of Classifieds Sink
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Gannett Co., the largest U.S. newspaper publisher, posted a 12% drop in third-quarter profit after selling fewer classified and car advertisements.
The company’s shares posted their biggest decline in a year as overall sales fell short of analysts’ estimates.
Profit declined to $261.4 million, or $1.11 a share, from $297 million, or $1.13, a year earlier, McLean, Va.-based Gannett said.
Sales rose 2.7% to $1.91 billion, less than the $1.94-billion average estimate of analysts surveyed by Thomson Financial.
Gannett shares fell $1.49, or 2.6%, to $56.23.
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