CHICAGO - Gannett Co., the largest U.S. newspaper publishing company, said Wednesday its quarterly profit fell almost 11 percent as print advertising revenue declined sharply, but its earnings were higher than most analysts expected.
McLean, Va.-based Gannett said it earned $234 million, or $1.01 a share, compared with a profit of $261.4 million, or $1.09 a share, in the year-earlier quarter.
Revenue fell 3.8 percent to $1.81 billion.
Analysts polled by Thomson Financial were expecting a profit of $1 a share on revenue of $1.82 billion.
Gannett shares rose slightly to end the session at $43.55.
Newspaper revenue fell to $1.62 billion from $1.69 billion. Ad revenue fell 5.6 percent to $1.19 billion, reflecting declines in classified, national and local advertising.
At USA Today, Gannett’s flagship newspaper, ad revenue dropped
6.6 percent, as paid ad pages fell to 803 from 929 in the third quarter of 2006.
Gannett said revenue in its television stations and related assets fell 3.4 percent to $189.5 million on lower sales of political ads.