Gannett (GCI) Tops Q1 EPS by 6c

Gannett (NYSE: GCI) reported Q1 EPS of $0.14, $0.06 better than the analyst estimate of $0.08. Revenue for the quarter came in at $773.5 million versus the consensus estimate of $762.7 million.

Outlook

The company maintains its original revenue guidance for 2017 of $3.15 billion to $3.22 billion. Revised adjusted EBITDA guidance1 for the full year 2017 is increased to $355 to $365 million, an increase of $30 million from the midpoint of the company's original adjusted EBITDA1 guidance of $330 million. The $30 million increase is made up of the following components: $19 million for the full year impact of the pension accounting change (see Table 2), $8 million of first quarter operating over-performance relative to expectations, $5 million for improved operating performance for the balance of 2017, and negative $2 million of adjusted EBITDA dilution from the acquisition of SweetIQ for the balance of 2017.

Additionally, for the full year 2017, the company expects the following:

Capital expenditures of approximately $65 to $75 million, not including real estate projects;
Depreciation and amortization of approximately $150 to $155 million; and
An effective tax rate of 28% to 32%.

For earnings history and earnings-related data on Gannett (GCI) click here.

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