Media and publishing company Gannett (NYSE:GCI) posted second quarter earnings today that fell by more than 20%, but beat analyst forecasts.
Profits dipped to $151.5 million, or $0.62 per share, from $195.5 million, or $0.81 per share, in last year’s second quarter.
Adjusted earnings of $0.58 per share were just ahead of analyst expectations.
Revenue fell 2.2%, to $1.33 billion.
Gannett also announced it is doubling its quarterly dividend to $0.08 per share, and that it has restarted its share buyback program. Gannett said it plans to repurchase $100 million in stock over the next year.
Gannett shares are trading up .4% Monday.
Rival The Washington Post Company (WPO) is trading down over .6%, while The New York Times Company (NYSE:NYT) trades down over 1.6%. The McClatchy Company (MNI) is trading flat.
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