Second-quarter earnings more than doubled at
, despite lower revenue.
The media company, owner of the
Los Angeles Times
and the Chicago Cubs, earned $231 million, or 73 cents a share, in the quarter, up from $94 million, or 29 cents a share, a year ago. The company said cost cuts helped it overcome a 3% decline in revenue to $1.46 billion.
Analysts had expected 58 cents per share on $1.47 billion.
"Second-quarter results reflect our continued focus on cost controls in the face of a weak advertising environment in the nation's largest markets," said Dennis FitzSimons, Tribune chairman. "Our businesses generated about $400 million in operating cash flow during the quarter, and we repurchased more than 5 million shares of stock."
Second-quarter publishing revenue was $1 billion, down 1% from last year's second quarter, thanks to circulation declines.
The company said broadcasting and entertainment's second-quarter operating revenue decreased 6% to $423 million, down from $450 million.