New Media Investment Group Inc., the corporate parent of GateHouse Media and the Akron Beacon Journal, reported a profit on higher revenue for its second quarter ending July 1.
Shares took a hit following Thursday’s report.
New York-based New Media, the nation’s largest newspaper chain, had net income of $11.7 million, or 20 cents per share, on revenue of $388.8 million. That compares to a loss of $21.7 million, or 41 cents per share, on revenue of $322.8 million a year ago.
The company had adjusted earnings of $48.8 million for the second quarter. Adjusted earnings and free cash flow were hurt by a 30 percent increase in newsprint costs from recently imposed tariffs, the company said.