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Gannett's 3Q earnings fall
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October 15, 2001: 10:44 a.m. ET
Yet the media group's results edge past Wall Street's lowered forecasts.
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NEW YORK (CNNmoney) - Newspaper publisher Gannett reported third-quarter earnings Monday that were lower than the year-earlier quarter and hurt by the Sept. 11 terror attacks, but it managed to surpass Wall Street's lowered expectations.
Gannett, which publishes USA Today and 97 other papers, reported earnings in the quarter ended Sept. 30 of $175 million, or 66 cents a share, compared with $208 million, or 79 cents a share, a year ago. Wall Street analysts expected Gannett to earn 64 cents a share, according to earnings tracker First Call.
Before Sept. 11, Wall Street expected Gannett, which also has television and Internet businesses, to earn 73 cents a share. But the company warned on Sept. 21 that the attacks on New York and Washington had cut into advertising demand that already had been weakened by a slowing U.S. economy.
"The events of Sept. 11 once again confirmed the importance of our business: news and information are crucial to the well-being of our readers and viewers and the communities we serve," CEO Douglas H. McCorkindale said. "But these same events accelerated declines in an already-challenging domestic advertising environment."
Third-quarter revenue fell to $1.5 billion from $1.6 billion a year ago.
Gannett (GCI: down $0.20 to $63.00, Research, Estimates) shares rose in early trading Monday. 
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