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McClatchy Beams about Quarterly Profits Boost

Behind gloomy classified and national advertising forecast.


McClatchy announced that its recent acquisition of Knight Ridder helped boost quarterly profits, with net income rising to $51.8 million from $38.6 million this time last year.

The company's revenue increased to $680.9 million from last year's $292.6 million, coming up short on analysts' predictions of $702.5 million. The largest contribution to the revenue boost was the acquisition of Knight Ridder.

CEO Gary Pruitt warned in a statement that the year ahead looks to be one of slowing down in the company's ad-revenue landscape as advertisers flock online.

Mc Clatchy publishes two Spanish-language dailies: Diario La Estrella in Dallas/Ft.. Worth and El Nuevo Herald in Miami.

For more information read:

How Much are Knight Ridders Spanish-language Dailies Worth?

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