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UPDATE 1-McClatchy Q2 profit edges past estimates
July 28, 2011 / 1:30 PM / in 6 years

UPDATE 1-McClatchy Q2 profit edges past estimates

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* Q2 rev fell 8 pct to $314.3 mln

* Q2 EPS $0.06 vs est $0.05

July 28 (Reuters) - McClatchy Co reported quarterly profit marginally ahead of Wall Street expectations as the newspaper publisher saw a sequentially narrower decline in advertising revenue.

Advertising revenue fell 9.4 percent to 236 million, but was narrower than the 11 percent fall in the sequential first quarter.

“We saw some improvement in revenue trends in the second quarter of 2011, helped in part by retail advertising associated with the later Easter holiday in April,” Chief Executive Gary Pruitt said.

For the second quarter, the publisher of the Miami Herald and other some U.S. newspapers earned $4.9 million, or 6 cents a share, compared with $7.3 million, or 9 cents a share, in the year-ago period.

Total revenue fell 8 percent to $314.3 million.

Analysts on average had expected earnings of 5 cents a share, excluding items, on revenue of $315.2 million, according to Thomson Reuters I/B/E/S.

In May, McClatchy sold a parcel of real estate that includes the building of the Miami Herald Media Co and an adjacent parking lot for $236 million to Bayfront 2011 Property LLC.

Shares of Sacramento, California-based McClatchy, which have lost nearly a third of their value in the last three months, closed at $2.33 on Wednesday on the New York Stock Exchange. (Reporting by Supantha Mukherjee in Bangalore; Editing by Gopakumar Warrier)

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