reported third-quarter earnings that badly missed analysts' expectations, citing higher new business development costs and other expenses.
The publisher of
The Washington Post
earned $33.5 million, or $3.51 a share for the third quarter, down 35% from $51.7 million, or $5.10 a share, in the same period last year, which included a gain of 35 cents a share from the sale of marketable securities. Four analysts expected the company to earn $4.29 a share in the latest third quarter, according to a poll by
First Call/Thomson Financial
Operating revenue for the quarter was $602.5 million, up 12% from $539.6 million last year. Newspaper publishing revenue increased 7% to $227.6 million from $212.5 million last year.
The company said increased spending for new business initiatives occurred mainly at
Shares of Washington Post were recently up $3, or 0.6%, to $522 in
New York Stock Exchange