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The McClatchy Company (NYSE:MNI) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. Shares are down 4.68%.
The McClatchy Company Earnings Cheat Sheet
Results: Net loss increased to $30 million (+39 cents per diluted share excluding items) in the quarter versus a net gain of $42.01 million in the year-earlier quarter.
Revenue: Rose 1.21% to $355.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: The McClatchy Company reported adjusted net income of 39 cents per share. By that measure, the company missed the mean analyst estimate of $0.44. It beat the average revenue estimate of $338.2 million.
Quoting Management: Commenting on McClatchy’s results, Pat Talamantes, McClatchy’s President and CEO, said, “As we look back on 2012, we see a year in which the company made great progress on many fronts. Our successful transition to a hybrid print and digital media company continued as we were able to grow our nontraditional revenue sources with new product introductions while cultivating and enhancing our existing products. In addition, we were able to strengthen the company’s capital structure by refinancing a good portion of our debt at a lower interest rate while extending the maturity date by five years.”
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