Gannett Reiterates Business Outlook

(RTTNews) - Gannett (GCI) reiterated full year 2024 outlook and outlook over the course of 2025 and 2026. Full year 2024 total digital revenues are expected to grow approximately 10%. Total revenues are expected to be down in the low to mid-single digits on a reported and same store basis. Net income attributable to Gannett is expected to improve, after excluding an impairment charge of approximately $46.0 million related to the exit of McLean, Virginia office during the first quarter of 2024.

For 2025-2026, total digital revenues are expected to accelerate with growth exceeding 10% year-over-year and are expected to make up 50% of total revenues in 2025 and exceed 55% of total revenues in 2026. Total revenues are expected to grow in the low single digits on a reported basis and same store basis. Net income attributable to Gannett is expected to improve to positive.

Second quarter net income was $13.748 million compared to a loss of $12.677 million, last year. Profit per share was $0.09 compared to a loss of $0.09. Total revenues were $639.8 million, decreased 4.8% compared to the second quarter of 2023. Same store revenues decreased 4.6%.

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