Magazine article Editor & Publisher

Earnings: Slowdown Showdown

Magazine article Editor & Publisher

Earnings: Slowdown Showdown

Article excerpt

Newspaper companies continued to show the signs of slowing economic growth, as revealed by the most recent crop of earnings reports, while looking for results to strengthen in the second half of the year.

The New York Times Co. reported slowing ad revenue growth in the fourth quarter of last year and warned that comparisons would remain tough in the first half of this year.

Pro-forma ad revenue at all its newspapers declined 1.3% in the fourth quarter, excluding the extra week in December.

The company, nevertheless, beat Wall Street's profit expectations, with earnings per share (EPS) rising 11.5% to 68 cents for the quarter. A First Call Corp. consensus EPS estimate called for 66 cents.

Earnings declined at Southeastern publisher and broadcaster Media General Inc., despite strong top-line growth. Earnings from continuing operations decreased 13.3% to 91 cents per share, but beat a First Call Corp. consensus estimate of 86 cents. …

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