Wednesday, September 22, 2010

Earnings | NYT Co. discloses adjusted Q3 results

In an announcement that could reverberate across Gannett today, the New York Times Co. this morning predicted adjusted third-quarter earnings of 3 cents to 5 cents a share, a forecast that appears to be at the lower end of Wall Street's expectations, according to this MarketWatch story. Analysts polled by FactSet Research were looking for earnings of 5 cents a share, on average, the story says.

The Associated Press says, however, that analysts were expected earnings of 4 cents a share.

The publisher of The New York Times and more than a dozen regional newspapers said it expected digital advertising revenues would rise 14% from a year before. That would be a less-robust performance than what the company predicted in its second-quarter earnings release. In that statement, the NYT said digital advertising was expected to "trend in the mid to high teens."

Overall, the company said it expected third-quarter total revenues would decrease about 2% to 3%. Print advertising is forecast to fall about 5%, it said.

"The revenue outlook implies revenue of $553.5 million to $559.2 million," the AP says. "That is below analysts' average expectation of $563.8 million."

The NYT Co.'s statement, in advance of a presentation to the Goldman Sachs Communacopia XIX Conference, follows a steep drop in NYT stock yesterday after a UBS analyst issued a negative "sell" recommendation on its shares. The same analyst issued a less-negative "hold" rating on GCI's stock.

A review of Gannett's news releases shows GCI apparently does not plan to present at the Goldman Sachs conference.

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