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Ad revenue hurts Gannett; oil prices lift Chevron

Among the companies reporting earnings on Friday were Gannett Inc. (NYSE: GCI), the largest newspaper publisher in the United States, and Chevron Corp. (NYSE: CVX) the second-largest U.S. oil company.

Gannett reported fourth-quarter earnings down 31% on falling revenue from newspaper and broadcast ad sales. Earnings fell to $245.3 million, or $1.06 per share, for the three months ending December 31, from $353.5 million, or $1.51 per share, in the year-ago period. Excluding a one-time charge, profit was $1.28 per share. Analysts surveyed by Thomson Financial had expected net income of $1.27 per share. Quarterly revenue fell 12% to $1.9 billion from $2.2 billion in the 2006 fourth quarter. Analysts forecast sales of $1.98 billion.

For all of 2007, Gannett earned $1.06 billion, or $4.52 per share, down from $1.16 billion, or $4.90 a share, in 2006. Analysts had expected $4.42 per share. Revenue fell to $7.4 billion from $7.85 billion in 2006.

Gannett shares rose 1.46% on Friday, closing at $37.47. That's up from 52-week low of $31.97 in early January.

Chevron reported that profit rose 29% in the fourth quarter, beating expectations, on surging prices for crude oil.
The earnings of $4.88 billion, or $2.32 per share, were up from $3.77 billion, or $1.74 per share, in the same period a year earlier. That beat the $2.26 per share consensus estimate of analysts polled by Thomson Financial. Revenue also rose 29% to $61.41 billion from $47.75 billion.

For the full year, Chevron posted a record profit of $18.69 billion, or $8.77 per share, representing a 9% rise from 2006 earnings of $17.14 billion, or $7.80 per share. Analysts had expected a profit of $8.35 per share. Revenue climbed 5% to $220.9 billion from $210.12 billion in 2006. Chevron did not offer an outlook for upcoming results.

Chevron shares fell less than 1% on Friday, to close at $82.49. Shares had been trading near the 52-week high of $95.50 as recently as the beginning of January.

Exxon Mobil (NYSE: XOM) also posted record profits on Friday.

Visit AOL Money & Finance for more earnings coverage.

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Last updated: December 03, 2008: 11:02 PM

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