Belo Misses Lowered Estimates By a Penny
Media firm
Belo
(BLC)
reported fourth-quarter earnings today that missed Wall Street's slightly lowered estimates by a penny.
For its fourth-quarter ended Dec. 31, Belo earned 27 cents a share, excluding gains, up from 23 cents a share in the year ago period. Eight analysts surveyed by
First Call/Thomson Financial
expected the Dallas-based company to earn 28 cents a share.
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Belo, which publishes newspaper, including the
The Dallas Morning News
, and owns broadcasting, cable TV and online media properties, said its fourth-quarter revenue was $421.7 million, up from $395.2 million in the same quarter one year ago.
The company also warned that it will be "difficult" for first-quarter results to match their year-ago levels "due to the soft advertising environment that has accompanied the slowing U.S. economy, significantly higher newsprint costs, and continued investment in Belo Interactive."
Belo said it expects second-quarter revenue to grow, provided advertising spending rebounds.
Shares of Belo fell 37 cents, or 2%, to $18.60 in recent
New York Stock Exchange
trading.
