Gannett Profit Falls With Broadcast Revenue

Gannett Co. Inc. (GCI), owner of USA Today and other newspapers and television stations, said on Tuesday that quarterly net profit declined 3.2 percent, reflecting lower broadcasting revenue and higher newsprint and interest costs.

Net income for the first quarter fell to $265.7 million from $274.4 million in the same quarter last year. Total quarterly revenue rose to $1.79 billion, from $1.73 billion a year ago, reflecting stronger results at the newspaper publishing unit.

Earnings per share rose to $1.05 from $1.00 in the year-earlier period, reflecting fewer shares outstanding in this year's period.

That compares with analysts' consensus forecast of $1.06 a share, with estimates ranging from $1.04 to $1.07, according to Reuters Estimates.