Gannett Co., the largest U.S. newspaper publisher, said Friday its first-quarter profit jumped 51 percent as the economic slump eased. Its shares surged in premarket trading.

Cost cutting and a less precipitous drop in advertising revenue boosted the results.

Gannett earned $117.2 million, or 49 cents per share, compared with $77.4 million, or 34 cents per share, a year earlier.

Taking out a $2.2 million tax charge related to the recent U.S. health care overhaul, the company said it would have earned 50 cents per share. Analysts, who typically exclude unusual items, expected 41 cents per share, according to Thomson Reuters.

Gannett's revenue fell 4 percent to $1.32 billion, matching forecasts. Ad revenue in its publishing division — which accounts for most of the company's income — fell 8 percent. That was offset by a rise in TV broadcasting revenue.

Gannett, which is based in McLean, Va., publishes USA Today and more than 80 other daily newspapers. It is the first major publisher to report earnings for the January-March period.

Its stock rose 81 cents, 4.5 percent, to $18.91 in premarket trading. That would be above a 52-week high of $18.55 that was reached Thursday.