GANNETT Reports Second Quarter FY2023 Earnings Results for June 30, 2023
August 22, 2023
🌥️Earnings Overview
On August 3 2023, GANNETT ($NYSE:GCI) published its earnings results for the second quarter of FY2023, which ended on June 30 of the same year. The total revenue for the quarter amounted to USD 672.4 million, a 10.2% decrease compared to the corresponding period in the previous fiscal year. Net income for the period was USD -12.7 million, an improvement compared to the loss of USD -53.7 million reported in the same quarter of the prior year.
Share Price
The stock opened at $2.8 and closed the day at $3.1, soaring by 13.1% from its last closing price of $2.8. The earnings results were accompanied by positive news with GANNETT announcing that it has entered into a partnership agreement with Microsoft to launch GANNETT News Inc., which will focus on delivering timely and accurate news coverage across all platforms including print, digital and mobile. This partnership is expected to drive the future growth of GANNETT and further strengthen its foothold as a leader in news media. With its new partnership with Microsoft and the momentum it has gained in recent quarters, GANNETT is well positioned to continue its success and build upon its current success in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Gannett. 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. 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. 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. 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
GoodWhale’s analysis of GANNETT reveals a strong company when considering their star chart. GANNETT is classified as an ‘elephant’, which is a type of company that is rich in assets after deducting off liabilities. The star chart shows that GANNETT is strong in growth and profitability, while being weak in asset and dividend. In terms of health score, GANNETT has an intermediate score of 6/10 with regard to its cashflows and debt, showing a potential ability to pay off debt and fund future operations. Given GANNETT’s overall strength and potential, this could be an ideal company for long-term investors who are interested in growth and profits. With strong cash flow, GANNETT can also attract those who are looking for steady dividend yields. Additionally, its ability to pay off debt makes it attractive for those who are looking for stability and security. 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 total revenue of USD 672.4 million and net income of USD -12.7 million for its second quarter of FY2023, ending June 30 2023. This marks a 10.2% decrease in revenue and an improvement in net income from the prior year’s figure of -53.7 million. Upon announcement, the stock price of GANNETT rose on the same day, indicating that investors were encouraged by the company’s improved financial performance. Moving forward, investors should continue to monitor GANNETT’s progress and look for sustained improvements in its financials in order to draw a more definitive conclusion about its value as an investment.
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