By: Jennifer Saba Banc of America Securities expects Q3 earnings results -- with Gannett kicking things off on Tuesday -- to be "disappointing" with "few surprises." For Q4, the research firm forecasts ad revenue to grow 2% to 3%.
Dow Jones and E.W. Scripps are expected to beat estimates due to strength at The Wall Street Journal and Scripps' cable networks, said the note released today. At the other end, Gannett and Tribune could "modestly disappoint."
At the Wall Street Journal, early October page counts indicate ad lineage is down in the low single digits. At The New York Times, help wanted and real estate listings are down in the high teens and high single to low double digits, respectively. Telco is down in the teens, the movie category is up in the teens, and the department store category is up in the high single digits.
Online job postings for October are mixed: The New York Times is up 75%; The Boston Globe is up 17%; The San Diego Union-Tribune is down 8%; the St. Louis Post-Dispatch is down 7%; and the New Haven Register is up 15%.
Online real estate postings for October are also mixed: the New York Times is up 4%; the Boston Globe is up 79%; the San Diego Union-Tribune is up 26%; and the New Haven Register is down 26%.
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