McClatchy Profit Falls on Weak Ad Sales
Newspaper publisher McClatchy Co. reported a 5% decline in fourth-quarter earnings as weak advertising sales in December pulled results below expectations.
Profit fell to $45.4 million, or 97 cents a share, for the October-to-December period from $47.8 million, or $1.02, a year earlier. Revenue edged up to $309.8 million from $308.2 million.
McClatchy, based in Sacramento, publishes 12 daily newspapers around the country, including the Sacramento Bee.
Analysts, on average, expected McClatchy to report fourth-quarter earnings of 99 cents a share on higher revenue of $313.9 million for the quarter ended Dec. 25, according to Thomson Financial.
Disappointed with the earnings softness, investors sent McClatchy’s shares down $1.70, or 2.9%, to $56.35.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
