Gannett (NYSE: GCI) reported Q1 EPS of ($0.60), $0.27 worse than the analyst estimate of ($0.33). Revenue for the quarter came in at $635.8 million versus the consensus estimate of $626.8 million.

GUIDANCE

Full Year 2024 and Mid-Term 2025-2026 Business Outlook(5)

The Company reiterates its full year 2024 outlook and its mid-term outlook over the course of 2025 and 2026.

Full Year 2024 Business Outlook(5)
Total digital revenues are expected to grow approximately 10%
Total revenues are expected to be down in the low to mid-single digits on a reported and same store basis(3)
Net income attributable to Gannett is expected to improve, after excluding an impairment charge of approximately $46.0 million related to the exit of our McLean, Virginia office during the first quarter of 2024
Adjusted EBITDA(3) is expected to grow versus the prior year
Cash provided by operating activities is expected to grow versus the prior year
Free cash flow(3) is expected to grow in excess(6) of the expected growth in Adjusted EBITDA(3)
Real estate and non-strategic asset sales are expected to be in the range of $45 million and $50 million

Full Year 2025 and Full Year 2026 Business Outlook(5)
Total digital revenues are expected to accelerate with growth exceeding 10% year-over-year
Total digital revenues are expected to make up 50% of total revenues in 2025 and exceed 55% of total revenues in 2026
Total revenues are expected to grow in the low single digits on a reported basis and same store basis(3)
Net income attributable to Gannett is expected to improve to positive
Adjusted EBITDA(3) is expected to exhibit ongoing growth
Cash provided by operating activities is expected to grow with an estimated CAGR(7) of 30%
Free cash flow(3) is expected to grow at an accelerated rate with an estimated CAGR(3)(7) of 40%

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