Gannett reports Q3 EPS (27c), consensus (12c)

Reports Q3 revenue $560.8M, consensus $571.03M. “During the third quarter we continued to make solid progress across several key digital operating priorities while, simultaneously, completing the implementation of our $100 million cost reduction program,” said Michael Reed, Gannett (GCI) chairman and CEO. “In addition, in the third quarter we also achieved a significant milestone for our company with total debt falling below $1.0 billion. The partial summary judgment ruling earlier this week in our lawsuit against Google is also a promising milestone. The decision represents an important step forward, as it establishes liability on several claims. We view the recent ruling as a positive signal for the strength of our case against Google as we continue to move forward. With some digital revenue shifted from the third quarter to the fourth quarter, new AI licensing launching in the quarter, and our $100 million cost program in place, we expect strong digital revenue growth in the fourth quarter, accompanied by significant Adjusted EBITDA and free cash flow growth.”