© Reuters. McClatchy -3% as revenue shortfall drives Q3 loss
- McClatchy (NYSE:MNI) is 3% lower after its Q3 earnings missed expectations on declining revenues, though the company pointed to audience gains.
- Revenues fell 9.4% overall, and the company took large noncash charges of $230.9M tied mainly to a deferred tax valuation allowance, leading to a net loss of $238.9M (adjusted net loss was $5.9M).
- Hurricane Irma had a negative impact on revenue, which would have been 9.1% excluding those effects, the company said.
- It pointed to a slowing decline in EBITDA (which at $34.2M beat an expected $29.9M).
- Audiences hit a record 89.3M unique visitors with many searching for hurricane news.
- Revenue breakout: Advertising, $115.3M (down 13.4%); Audience, $87.1M (down 4.3%).
- Conference call to come at noon ET.
- Press Release
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