Merrill Lynch Lowers Estimate for McClatchy

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By: E&P Staff

Total advertising revenues for The McClatchy Co. increased 4.2% for the month of October compared to the same period last year, below Merrill Lynch’s expectations. In response, the investment frim lowered its earnings-per-share estimate for Q4.

Excluding the Merced Sun-Star, ad revenues were up 3.5%. Retail advertising was barely up 0.9%. National declined 0.4% and classified increased 7.9%.

Advertising revenues for Minneapolis increased slightly, up 1.8%. For the California properties it grew 7.5%. The Carolinas rose 3.6%, and the Northwest increased 6.5%.

Circulation revenue was up 1.1%.

Merrill lowered its earnings-per-share estimate for the Q4 by $0.02 per share to $.98 per share.

In a note released yesterday, the investment firm said that October’s numbers excluding the Merced acquisition were the same as September’s “despite much easier comparisons.”

Typically, McClatchy’s best performance for Q3 occurs during the month of October; Merrill Lynch had estimated advertising revenue growth to come in at 5.3% (excluding Merced).

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