McClatchy Company (MNI) Misses Q1 EPS by 1c

McClatchy Company (NYSE: MNI) reported Q1 EPS of ($0.16), $0.01 worse than the analyst estimate of ($0.15). Revenue for the quarter came in at $238 million versus the consensus estimate of $241.79 million.

Outlook

The Company plans to further execute on the strategic initiatives that were laid out in 2015 as well as new initiatives during 2016. McClatchy is also dedicated to finding advertising solutions by working with its industry peers.

Pat Talamantes said, "Just a few days ago we announced the formation of an exciting new company, Nucleus Marketing Solutions (Nucleus), with Gannett, Hearst, and Tribune Publishing. Nucleus, a premier marketing solutions provider, will connect national advertisers to the top U.S. local publishers' highly engaged audiences across existing and emerging digital platforms. In addition to the news organizations owned by the founding companies, the network expects to include as many as 11 other affiliate partners across the top U.S. advertising markets. You will be hearing more about this exciting new company, as well as expansion in partnerships like the Local Media Consortium (LMC), as we continue to find ways to serve both large advertisers and local businesses in our communities."

Looking to the second quarter and the remainder of 2016, the company expects to report double-digit growth in digital-only advertising revenues for the second quarter and full-year 2016. While the company remains steadfast in communicating the value of print advertising, the declining trends in direct marketing and print advertising are not anticipated to subside in the next few quarters. Although these trends eased in the first quarter 2016, management believes that print advertising will continue to become a smaller portion of advertising and total revenue.

Audience revenues are expected to be down in the same range in the second quarter as the first quarter of 2016. Management will be vigilant in reducing legacy costs and finding efficiencies and expects cash expenses to decline in the second quarter and full year 2016. Management will also remain focused on growing digital revenue, stabilizing operating cash flow, reducing debt and interest costs and creating shareholder value.

For earnings history and earnings-related data on McClatchy Company (MNI) click here.

You May Also Be Interested In

• Karyopharm Therapeutics (KPTI) Misses Q2 EPS by $1.01, Beats on Revenue; Offers FY26 Revenue Guidance
• Cellectar Biosciences (CLRB) Misses Q2 EPS by 9c
• Beyond Air, Inc. (XAIR) Tops Q1 reported Q1 Revenue ; Offers Guidance