Earnings: NYTCO Q3 Profits Surge 57.1 Percent; Revs Up 2 Percent; Ad Revs Fall Slightly
Citing a particularly strong September, the New York Times Company ( NYSE: NYT ) said Q3 operating profits rose 57.1 percent to $28.1 million from $17.9 million year-over-year. Meanwhile, revenues were up a modest 2 percent to $754.4 million from $739.6 million for the quarter, with online revenues gaining 26.5 percent to $79.7 million from $63 million. The NYTCO also posted higher earnings per share from continuing operations of $.10, compared with $.06 in Q306. In a statement before the conference call with analysts and investors, Janet Robinson, president and CEO, credited strong national advertising, healthier circulation revenues and reined in costs as factors driving the NYTCO’s overall earnings picture in Q3. In particular, Robinson said revenue growth was promoted by new print and online products. Specific highlights from the report included: --
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