McClatchy Company (MNI) Reports Q3 EPS of $0.90, Revenues Miss

McClatchy Company (NYSE: MNI) reported Q3 EPS of $0.90, versus ($1.04) reported last year. Revenue for the quarter came in at $191.1 million versus the consensus estimate of $195.66 million.

Outlook

Craig Forman, CEO said, "Over the last few years we have stressed our commitment to our digital transformation. We are excited to see the adoption of digital subscriptions by our readers and the opportunities for more unique and carefully curated product offerings that go beyond the traditional subscription. We are in a dynamic time when our local journalism and compelling storytelling can be delivered across platforms -- in print, on our websites, in e-editions, through video and even in audio form via smart speakers and podcasts.

"We expect to end the year with a stronger fourth quarter. We've launched additional cost-savings initiatives that will be realized this quarter, and we expect our growth in digital subscribers to continue. We cycle over easier advertising comparisons in the fourth quarter, which should improve our ad trends for the entire second half of 2018. In fact, while we are still closing the books for October, it is shaping up to be our best month this year in advertising revenue performance.

"We also expect audience revenues to continue the trend from the third quarter. Putting this all together, we expect improvement in the trend of total revenues in the second half of 2018 compared to the first half of the year."

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

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