Gannett Co., Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Year 2018
Gannett Co., Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total operating revenues of $722,951,000 compared to $773,457,000 a year ago. Operating loss was $339,000 compared to income of $1,033,000 a year ago. Loss before income taxes was $506,000 compared to $7,109,000 a year ago. Net loss was $377,000 or $0.00 per diluted share compared to $2,079,000 or $0.02 per diluted share a year ago. Adjusted EBITDA was $55,068,000 compared to $69,681,000 a year ago. Capital expenditures were $13,548,000 compared to $15,040,000 a year ago. Adjusted EBITDA (non-GAAP basis) was $55,068,000 compared to $69,681,000 a year ago. Adjusted net income (non-GAAP basis) was $14,685,000 or $0.13 per diluted share compared to $15,678,000 or $0.14 per diluted share a year ago. Net cash flow from operating activities for the quarter was approximately $65,153,000. Free cash flow (non-GAAP basis) was $51,605,000.
For 2018, the company expects 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 its 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%.