said it was "comfortable" with full-year earnings expectations, but said it expects 2001 to be "a more challenging" period.
The publishing company, whose publications include
, affirmed earnings expectations of $3.60 to $3.64 a share, excluding a gain from the sale of cable assets, compared with earnings of $3.15 a share in 1999. According to
First Call/Thomson Financial
, analysts expect 2000 earnings of $3.64 a share.
The company also said it expects to generate about $60 million to $65 million in Internet revenue in 2000 and sustain "a modest loss." In 2001, the company said it expects total Internet revenue to approach $100 million and that these activities may be profitable for the year.
Also today, rival publishers
New York Times
said they saw 2000 earnings in line with analysts' expectations amid strong advertising revenue.
Knight Ridder said it expects advertising revenue to grow between 4% and 4.5% in 2001 while
New York Times said it expects advertising revenue growth for 2000 of 8.5% to 9.5%.
different spin, saying that it expects earnings for the fourth quarter to fall short of analysts' expectations amid softening advertising demand.