GANNETT Reports Second Quarter Financial Results for FY2023
August 10, 2023
🌥️Earnings Overview
Gannett ($NYSE:GCI) revealed that on August 3 2023, total revenue for the second quarter of FY2023, ending June 30 2023, had decreased by 10.2% to USD 672.4 million compared to the same period in the previous year. Additionally, the company’s reported net income for the quarter was -12.7 million, a considerable improvement from the -53.7 million reported for the same quarter the year prior.
Stock Price
On Thursday, GANNETT reported its second quarter financial results for FY2023. The results showed that the company’s stock opened at $2.8 and closed at $3.1, a surge of 13.1% from the prior closing price of $2.8. This marked a significant jump in the company’s stock price, indicating a positive outlook for the future.
These impressive results have caused optimism in the market and it appears that GANNETT is heading in a positive direction for the rest of FY2023. Analysts are predicting that GANNETT’s stock price will continue to increase as it expands its operations and seeks further growth opportunities. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Gannett. GANNETT_Reports_Second_Quarter_Financial_Results_for_FY2023″>More…
| Total Revenues | Net Income | Net Margin |
| 2.79k | -23.68 | 0.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Gannett. GANNETT_Reports_Second_Quarter_Financial_Results_for_FY2023″>More…
| Operations | Investing | Financing |
| 91.87 | 46.78 | -122.38 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Gannett. GANNETT_Reports_Second_Quarter_Financial_Results_for_FY2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.31k | 1.98k | 2.2 |
Key Ratios Snapshot
Some of the financial key ratios for Gannett are shown below. GANNETT_Reports_Second_Quarter_Financial_Results_for_FY2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -0.0% | 24.5% | 2.2% |
| FCF Margin | ROE | ROA |
| 1.9% | 11.6% | 1.6% |
Analysis
At GoodWhale, we conducted an analysis of GANNETT‘s fundamentals using the Star Chart. Based on this analysis, GANNETT has an intermediate health score of 6/10, indicating that it is likely to sustain future operations in times of crisis. Specifically, GANNETT is relatively strong in cashflows and debt, medium in growth, profitability and weak in asset and dividend. After deducting off liabilities, GANNETT is classified as an ‘elephant’, a type of company that is rich in assets. As such, investors looking to invest in a stable and low-risk company should consider GANNETT. Furthermore, those looking for long-term returns may be interested in GANNETT as its assets provide a secure base for growth. More…
Peers
The company’s portfolio of media assets includes USA Today, the largest national newspaper in the United States by circulation; as well as local news organizations in 46 states and Guam. In addition to print media, Gannett also owns digital media assets, including the website usatoday.com and over 100 local news websites in the United States. The company’s broadcasting assets include 46 television stations in 39 markets across the United States.
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Summary
GANNETT reported its financial results for the second quarter of FY2023 on August 3, revealing a total revenue of USD 672.4 million, a 10.2% decrease from the same period last year. Net income was at USD -12.7 million, an improvement from -53.7 million reported in the prior year. Investor sentiment was positive, as GANNETT’s stock price saw an upward movement following the results announcement.
Analysts are optimistic about GANNETT’s future prospects, pointing to the company’s cost containment measures and strong financial position as key positives. Long-term investors may find GANNETT to be a good option for diversifying their portfolios.
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