When Gannett reported its Q4 results, the company said broadcasting revenues were pacing up in the high single digits for Q1 and might “touch” the double digits. That touch has now taken place.
In a presentation Thursday to the Media and Entertainment Analysts of New York, President and COO Gracia Martore provided this update: “The momentum we had as we ended the fourth quarter last year has continued into the first quarter. We have seen improving revenue trends as we consistently close the gap in our year-over-year comparisons. The percentage decline of ad revenues in our publishing segment is expected be in the high single digits in the first quarter while broadcasting revenue growth will be up in the mid-teens.”
“Based on current revenue trends and the impact of our efficiency efforts and cost restructuring, we are clearly comfortable with the first quarter First Call consensus of earnings estimates of 40 cents per share,” Gannett Chairman and CEO Craig Dubow told the gathering.