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Friday, August 9, 2019
The McClatchy Company (MNI)
Significant Progress Toward Maintaining Cash Flow
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.
Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Overachieves second quarter expectations. While revenues were a little lighter than expected, the company’s earlier cost reductions significantly kicked in. As a result, cash flow from continuing operations (excluding asset sales) was nicely better than expected ($26.3 million versus our $22.6 million estimate). Notably, the company was able to maintain EBITDA margins at 14.7%.
- Disruption not as bad as feared. The company implemented a number of sales and structural strategies at the company in the second quarter, which potentially…
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