Filed under: Earnings reports, Chevron Corp (CVX), Gannett Co (GCI)

Among the companies reporting earnings on Friday were Gannett Inc. (NYSE: GCI), the largest newspaper publisher in the United States, and Chevron Corp. (NYSE: CVX) the second-largest U.S. oil company.

Gannett reported fourth-quarter earnings down 31% on falling revenue from newspaper and broadcast ad sales. Earnings fell to $245.3 million, or $1.06 per share, for the three months ending December 31, from $353.5 million, or $1.51 per share, in the year-ago period. Excluding a one-time charge, profit was $1.28 per share. Analysts surveyed by Thomson Financial had expected net income of $1.27 per share. Quarterly revenue fell 12% to $1.9 billion from $2.2 billion in the 2006 fourth quarter. Analysts forecast sales of $1.98 billion.

For all of 2007, Gannett earned $1.06 billion, or $4.52 per share, down from $1.16 billion, or $4.90 a share, in 2006. Analysts had expected $4.42 per share. Revenue fell to $7.4 billion from $7.85 billion in 2006.

Gannett shares rose 1.46% on Friday, closing at $37.47. That’s up from 52-week low of $31.97 in early January.

Continue reading Ad revenue hurts Gannett; oil prices lift Chevron

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