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The McClatchy Company (MNI)
Why meeting expectation really doesn't matter.
The McClatchy Co is the third-largest newspaper publisher in the United States, operating 30 dailies and approximately 50 nondaily publications in 29 markets nationwide.
- Q4 results were largely in line. After adjusting for one week less in this period and real estate sales in the prior year quarter, the company met expectations, with cash flow down 8.2%, in line with its previous cash flow guidance of down 8% to down 12%. The bright spot was that Digital only advertising increased a healthy 10%, an acceleration from the rate of growth in the year earlier quarter.
- Crossing into the Digital divide. Management stated that it expects
digital only advertising to surpass newspaper print advertising in 2019, which
should help moderate revenue trends. In addition, management expects additional
saving in operating expenses, bene...
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