New York Times Q3 Earnings Beat Market, Revenues Miss; Sees Q4 Segment Revenue Growth; Stock Down

The New York Times

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Kaufen / Verkaufen

(RTTNews) - The New York Times Co. (NYT), while reporting higher earnings in its third quarter, above market estimates, on Monday issued advertising and subscription revenue forecast for its fourth quarter. The third-quarter revenues missed market view, despite a growth.

In pre-market activity on the NYSE, The New York Times shares were trading at $55.25, down 2.78 percent.

For the fourth quarter, New York Times expects total advertising revenues to increase low-single-digits, with digital advertising revenue growth in high-single-digits to low-double-digits.

Total subscription revenues are expected to increase 7 percent to 9 percent, with a 14 percent to 17 percent growth in digital-only subscription revenues.

Other revenue for the quarter are expected to increase 11 percent to 13 percent.

In its third quarter, the company's earnings totaled $64.14 million, or $0.39 per share, compared to $53.62 million, or $0.32 per share last year.

Adjusted earnings were $0.45 per share for the period.

Analysts on average had expected the company to earn $0.41 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 7 percent to $640.18 million from $598.35 million last year. The Street was looking for revenues of $640.80 million for the quarter.

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