Gannett Co. Monday announced that its second-quarter earnings should meet the high end of Wall Street expectations as advertising revenues increase, especially on TV and online, The Associated Press reported.
However, its newspaper unit has still suffered from the recession. According to Chief Financial Officer Gracia Martore, another quarter of declining revenue year-over-year is expected, but with a smaller decline.
Martore added that publishing ad revenue, which still contributes over half of Gannett's overall revenue, "will be down on a percentage basis in the low to mid-single digits," compared to an 8 percent decline in the previous quarter and an 18 percent drop in the fourth quarter of 2009, according to the AP article posted on Google News.
Gannett's TV and digital businesses are bouncing back from the recession. Broadcast ad revenue should gain 20 percent or more year-over-year, the second increase in a row. Digital revenue is expected to grow in the mid-single digits.
Martore also said that most analysts' estimated Gannett's earnings per share in the second quarter between 47 cents and 58 cents, Media Post reported.