McClatchy Earnings ‘Stronger Than Expected’

By:

(AP) Newspaper publisher McClatchy Co. reported slightly higher earnings in the second quarter Thursday due to increased advertising revenue.

The publisher earned $40.1 million, or 86 cents per share, in the three-month period ending June 27, compared with $37.5 million, or 81 cents per share, a year earlier.

Revenues rose 7% to $296.3 million from $276.4 million. Advertising revenue rose 8.1% to $248 million, and circulation revenue rose 1.7% to $42 million.

The second-quarter revenues reflect the company’s January purchase of the Merced (Calif.) Sun-Star (Click for QuikCap) and related non-daily newspapers. Excluding the Merced Group’s revenues, McClatchy’s revenues were up 6% — with advertising revenue rising 7% in the second quarter.

CEO Gary Pruitt said the earnings were “somewhat stronger than we had expected.”

“In June, we continued to see a rebound in employment advertising, together with solid growth in the retail category compared to April and May,” Pruitt said. He projected third-quarter earnings to be between 79 and 82 cents per share.

Headquartered in Sacramento, McClatchy publishes 12 daily and 18 non-daily newspapers in California, Minnesota, the Carolinas and the Pacific Northwest, including the Anchorage Daily News in Alaska, the Star Tribune of Minneapolis and The Sacramento Bee.

The company’s shares were up 81 cents at $70.78 in morning trading on the New York Stock Exchange.

Like & Share E&P:
RSS
Follow by Email
Facebook
Facebook
Twitter
Visit Us
LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *