WTF McClatchy!?! Company Defies Analysts To Report $42 Million Profit

The McClatchy Company today reported profits of $42 million for Q2 2009, or 50 cents per share, despite analysts claims that today’s earnings report would show a loss of 8 cents per share and drive the company further toward bankruptcy.

Even after adjusting for “unusual items,” earnings remain high, at 30 cents a share or $25.2 million, up 42.9 percent from the same period last year.

Revenues were $365.3 million this quarter, down 25.4 percent from revenues in the same period last year.

The earnings, then, come primarily from cost-cutting measures; in March 2009, McClatchy laid off 15 percent of its workforce, suspended its company 401(k) match, and froze its pension plans.

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