Gannett (GCI) has reaffirmed its financial outlook for the full year 2024 and the subsequent years 2025 and 2026. The company projects a growth of approximately 10% in total digital revenues for 2024. However, total revenues are anticipated to decline slightly, falling in the low to mid-single digits on both a reported and same store basis. Net income attributable to Gannett is expected to show improvement, excluding an impairment charge of about $46 million related to the closure of its McLean, Virginia office during the first quarter of 2024.
Looking ahead to 2025 and 2026, Gannett forecasts an acceleration in digital revenue growth, exceeding 10% year-over-year. Digital revenues are expected to account for 50% of total revenues by 2025 and surpass 55% by 2026. Total revenues in these years are projected to rise in the low single digits on both a reported and same store basis. Net income is anticipated to turn positive during this period.
For the second quarter, Gannett reported a net income of $13.748 million, a significant recovery from a loss of $12.677 million in the same period last year. Earnings per share stood at $0.09, recovering from a loss of $0.09 per share previously. Total revenues for the quarter amounted to $639.8 million, reflecting a 4.8% decrease from the second quarter of 2023. Same store revenues also declined by 4.6%.
