saw its third-quarter profit drop as costs associated with the rollout of
The Wall Street Journal's
weekend edition cut into the publishing company's operating income.
Third-quarter results missed analysts' estimates, and the company also offered a fourth-quarter earnings projection that would fall short of the consensus expectation.
The company, which owns the
among its holdings, had third-quarter earnings of $10.2 million, or 12 cents a share, compared with $12.1 million, or 15 cents a share, a year ago. Revenue of $421.2 million rose 6.7% from $394.9 million last year.
Analysts surveyed by Thomson First Call were expecting, on average, a profit of 13 cents and revenue of $435.3 million from Dow Jones.
Print publishing revenue fell 2.5% to $204.4 million in the third quarter. Ad linage at the U.S.
, including two weekend issues, rose 3.6%.
ad pages fell 21.1% in the quarter. Third-quarter electronic publishing revenue was up 30.1% to $127.1 million.
Dow Jones estimated fourth-quarter earnings in the mid-to-upper 30 cents per share range before items and expenses related to the weekend
, which started publication in September. The New York-based company earned 43 cents in the fourth quarter last year.
The weekend paper will probably take 5 cents to 6 cents a share from earnings, lowering the bottom line to the low-to-mid 30 cents per share range. The consensus earnings estimate is 46 cents for the fourth quarter.