Gannett to Acquire Tribune Publishing, Lab Corp Net Soars 25%

Mukesh Buch
25 Apr, 2016
New York City

Gannett offered to acquire Tribune Publishing for $815 million. First Data net loss narrowed. KKR net swung to a loss. Lab Corp. of America profit and revenues surged. Philips net tumbled 63%. Roper Technologies net fell but revenues rose. Xerox profit plummeted 85%.

[R]12:00 PM New York – Gannett offered to acquire Tribune Publishing for $815 million. First Data net loss narrowed. KKR net swung to a loss. Lab Corp. of America profit and revenues surged. Philips net tumbled 63%. Roper Technologies net fell but revenues rose. Xerox profit plummeted 85%.[/R]

Tollbooth Index fell 46.62 or 0.4% to 10,687.73.

Earnings Review

First Data Corp ((FDC)) soared 5.2% or 67 cents to $13.67 after the electronic payment solutions provider said revenues in the first-quarter ending in March rose 3% from a year ago to $2.78 billion.

Net loss in the quarter narrowed to $56 million or 6 cents per diluted share compared to $112 million from the same quarter last year.

Gannett Co ((GCI)) jumped 3.8% or 60 cents to $16.37 after the publisher of USA TODAY and more than 100 other media assets offered to acquire Chicago-based Tribune Publishing for about $815 million or $12.25 per share in cash, including the assumption of $390 million in debt.

Tribune Publishing Co surged 57.2% to $11.82.

KKR & Co. L.P ((KKR)) declined 4.2% or 63 cents to $14.31 after the asset management company stated revenues in the first-quarter ending in March plunged 44.1% from a year ago to $162.8 million.

Net in the quarter swung to a loss of $329.9 million or 73 cents per diluted share compared to profit of $270.5 million or 57 cents per share from the same quarter a year ago.

Laboratory Corp. of America Holdings ((LH)) gained 1.5% or $1.87 to $123.64 after the healthcare diagnostics company reported total revenues in the first-quarter ending in March soared 32.4% from a year ago to $2.37 billion.

Net income in the quarter surged 24.9% to $160.2 million or $1.55 per diluted share compared to $3.1 million or 4 cents per share from the same quarter last year.

In the quarter, the company recorded restructuring charges and special items of $29.3 million compared to $138.7 million in the same period a year ago.

Koninklijke Philips N.V ((PHG)) slumped 4.1% or $1.17 to $27.11 after the Netherlands-based technology company said sales in the first-quarter ending in March increased 3.4% from a year ago to €5.52 billion.

Net income in the quarter tumbled 63% to €37 million or 3 cents per diluted share compared to €100 million or 11 cents per share from the same quarter last year.

Roper Technologies Inc ((ROP)) rose 17 cents to $178.80 after the medical and industrial equipment maker reported net sales in the first-quarter ending in March advanced 4% from a year ago to $902.4 million.

Net income in the quarter fell 2.8% to $151.4 million or $1.48 per diluted share compared to $155.8 million or $1.54 per share from the same quarter last year.

In the second-quarter, the medical and industrial equipment maker estimated diluted earnings per share between $1.56 and $1.61.

Roper maintained its adjusted diluted earnings per share forecast in the full-year in the range of $6.85 to $7.15.

Xerox Corporation ((XRX)) tumbled 12.9% or $1.44 to $9.73 after the business process services provider stated revenues in the first-quarter ending in March declined 4% from a year ago to $4.3 billion.

Net income in the quarter plummeted 85% to $34 million or 3 cents per diluted share compared to $225 million or 19 cents per share from the same quarter last year.