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Gannett Co., the owner of USA Today and television stations, reported first-quarter profit that rose more than analysts estimated as TV revenue increased. The stock jumped in U.S. trading.
Excluding some items, profit doubled to 50 cents a share, the McLean, Virginia-based company said today in a statement. Analysts predicted 41 cents, the average of estimates compiled by Bloomberg. On March 18, Gannett said it was comfortable with the First Call estimate of 40 cents at the time.
Broadcasting revenue rose 17 percent to $167.5 million, helped by $18.6 million in ad spending related to the Olympics. More…