Gannett reports 50 percent jump in 1Q profit; newspaper ad revenue declines 8 percent

Gannett reports 50 percent jump in 1Q profit

McLEAN, Va. — Gannett Co., the largest U.S. newspaper publisher, says its first-quarter profit climbed more than 50 percent as the economic slump eased.

Cost cutting and a less precipitous drop in advertising revenue boosted the results.

Gannett made $117.2 million, or 49 cents per share, compared with $77.4 million, or 34 cents per share, a year earlier. Analysts expected 41 cents per share, according to Thomson Reuters.

Revenue fell 4 percent to $1.32 billion, matching forecasts.

Gannett, which publishes USA Today and more than 80 other daily newspapers, is the first major publisher to report earnings for the January-March period.

Ad sales in its publishing division fell 8 percent. That was offset by a rise in TV broadcasting revenue.