Gannett +7.9% after Q1 beat, raised EBITDA guidance

|About: Gannett Co., Inc. (GCI)|By:, SA News Editor

Gannett (NYSE:GCI) is up 7.9% and reaching its highest point since early February after posting Q1 earnings where it beat on top and bottom lines and raised EBITDA guidance for the full year.

Revenues grew more than 17%; excluding unfavorable exchange-rate changes and $1.8M in exited operations, they grew 19.3%. Digital revenues of $234.7M made up 30.3% of operating revenue.

Net cash flow from operations of about $31.1M, vs. a year-ago $17.3M. Cash balance at quarter's end was $89.5M.

Revenue by segment: Publishing, $694.9M (up 5.6%); ReachLocal, $77.6M (new); Corporate and Other, $968,000 (down 30.3%).

It's boosted EBITDA guidance for the full year to $355M-$365M, up $30M at the midpoint. It's reiterated guidance for revenues of $3.15B-$3.22B, and sees capex of $65-$75M (excluding real estate); depreciation/amortization of $150M-$155M; and effective tax rate of 28-32%.

Conference call coming at 10 a.m. ET.

Press Release