Penton Media Reduces Profit, Revenue Forecast
Penton Media (PME) lowered its revenue and earnings outlook for the first quarter and full year because of soft advertising and setbacks at some of its publishing and tradeshow properties.
The company, which publishes mostly trade magazines, now expects to earn between 2 cents and 5 cents a share in the quarter. Six analysts polled by Thomson Financial/First Call expected, on average, a profit of 7 cents a share. The company earned a penny a share in the year-ago quarter.
Penton projected revenue for the quarter of $107 million to $112 million.For the year, Penton's outlook has dropped sharply. The company first expected to earn 55 cents to 70 cents a share, but now expects only between 25 cents and 50 cents a share. The current consensus earnings estimate is 50 cents a share. Penton, which is based in Cleveland, expects revenue in 2001 of $470 million to $500 million, down from a previous range of $510 million to $540 million for the year. On the New York Stock Exchange, Penton gained 90 cents, or 6.8%, to $14.20 in recent trading.
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