Gannett (NYSE: GCI) reported Q1 EPS of $0.13, $0.10 better than the analyst estimate of $0.03. Revenue for the quarter came in at $722.95 million versus the consensus estimate of $723.93 million.

First Quarter 2018 Consolidated Results

• Operating revenues were $723.0 million, compared to $773.5 million in the first quarter of 2017.
• Favorable changes in foreign currency exchange rates benefited revenues by $7.5 million.
• Same store, day adjusted (1) operating revenues declined 7.2%, an improvement compared to the 8.8% decline in the fourth quarter of 2017. The improvement was due to stronger digital advertising revenue and our strategic subscriber pricing initiatives.
• Total digital revenues increased 9% to $255.5 million, or approximately 35% of total revenue.
• GAAP net losses were $0.4 million, including $14.4 million of after-tax restructuring, asset impairment charges and other costs.
• Adjusted EBITDA (2) totaled $55.1 million compared to $69.7 million in the first quarter of 2017.

Outlook

For 2018, the company reiterates the following:

• Consolidated revenues of $2.93-3.03 billion.
• Consolidated Adjusted EBITDA outlook of $330-340 million.
• Capital expenditures of $65-75 million.
• Depreciation and amortization of $140-150 million, excluding accelerated depreciation related to facility consolidations.
• The non-operating cost associated with our pension plans, recorded in other non-operating items, is currently estimated to be a credit of $5-10 million as compared to an expense of $21 million in 2017.
• An effective tax rate of 25-27%.

GUIDANCE:

Gannett sees FY2018 revenue of $2.93-3.03 million, versus the consensus of $2.97 million.

For earnings history and earnings-related data on Gannett (GCI) click here.