Loading...
•
Sep 30, 2023
Gannett Q3 2023 Earnings Report
Reported significant improvement to the bottom line, along with sustained growth in both Adjusted EBITDA and total digital revenues.
Key Takeaways
Gannett Co., Inc. reported its financial results for the third quarter ended September 30, 2023, with significant improvement to its bottom line, sustained growth in Adjusted EBITDA and total digital revenues. The company repaid $65 million of debt, reducing its first lien net leverage to below 2.0x and maintained a strong liquidity position with $109 million of cash. Total digital revenues surpassed 40% of total revenues, growing 3% year-over-year on a same store basis.
Operating Income of $34.9 million; Net Loss Attributable to Gannett of $2.6 million
Adjusted EBITDA of $59.5 million, up 15% Year-over-Year
Cash Provided by Operating Activities of $20.6 million; Free Cash Flow of $7.4 million
Repaid $65.3 million in Debt; First Lien Net Leverage Below 2.0x
Forward Guidance
The Company is adjusting its full year 2023 outlook with respect to revenues, net income (loss) attributable to Gannett, cash provided by operating activities, same store total revenues year-over-year, free cash flow, and Adjusted EBITDA. The Company is reiterating its full year 2023 outlook with respect to first lien net leverage.
Positive Outlook
- Revenues $2.65B to $2.67B
- Same store total revenues Year-Over-Year (9%) to (8%)
- Net income (loss) attributable to Gannett ($20M) to $0M
- Cash provided by operating activities $105M to $125M
- Free cash flow $65M to $85M
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...