McClatchy Co. earnings see spike in 2nd quarter
The McClatchy Co. reported significantly higher second-quarter profits today despite another decline in revenue.
Sacramento-based McClatchy, the parent company of The News Tribune and The Olympian among other newspapers, said profits jumped to $26.9 million from $4.9 million a year earlier. The per-share profit improved to 31 cents, well above Wall Street’s expectations, from 6 cents a year ago.
Revenue for the quarter fell 4.8 percent to $299.3 million. Advertising sales, which have been in a slump since 2006, dropped 5.7 percent from the year-earlier period. But company officials noted that the latest decline in ad revenue was an improvement from the first quarter, when they fell 6.8 percent.
Pat Talamantes, the company’s president and chief executive, said digital ad sales grew 4.9 percent, which he called “a very healthy rate.”
