Gannett Co. reported lower earnings and revenue in the July-September period. The media company said tepid economic growth and the absence of the Olympics that boosted year-ago results contributed to lower advertising revenue.
The owner of USA Today and other newspapers including the Cincinnati Enquirer said Monday that it earned $79.7 million, or 34 cents per share, in the third quarter. That’s down 40 percent from $133.1 million, or 56 cents per share, in the same period last year.
Adjusted earnings, which excluded workforce reduction costs and other items, were $99.8 million, or 43 cents per share, in the latest quarter. For the same period in 2012, adjusted earnings were $130.9 million or 56 cents per share.
Revenue fell 4 percent to $1.25 billion from $1.31 billion.