PROVIDENCE – Gannett Co., parent company of The Providence Journal and several other local newspapers, on Thursday reported a $14.7 million profit in the second quarter of 2021, a turnaround from a $437.8 million loss one year prior.
Earnings per diluted share were 10 cents, compared with a loss of $3.32 per share in the second quarter of 2020. The company reported an overall loss of $672 million in 2020, as the COVID-19 pandemic impacted revenue significantly.
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Revenue for the company totaled $804.3 million, a rise from $767 million one year prior. Quarterly revenue included $420.1 million in advertising and marketing services, a rise from $356.9 million the previous year, and $310.3 million in circulation revenue, a decline from $342.6 million one year prior.
Same-store revenues rose 6.8% year over year.
The company owns and operates several papers in Rhode Island and Massachusetts, including The Providence Journal, The Taunton Gazette, The Newport Daily News, The Cape Cod Times, The Herald News in Fall River, The Worcester Telegram and The Standard-Times in New Bedford. Gannett also owns publications in nearly every state in the nation, as well as operations in the United Kingdom.
“The solid results of the second quarter of 2021 underscore the strength of our strategy and the execution of our team. Digital-only subscriber growth continued to set new records in the second quarter of 2021, ending the quarter at approximately 1.4 million, up 41% compared to a year ago,” said Michael Reed, Gannett CEO and chairman. “With digital revenues making up approximately one-third of our total revenue and growing, we believe we are well-positioned for the second half of the year and beyond.”
