posted third-quarter earnings Friday that beat analysts' expectations by 3 cents.
The television and radio station owner and manager earned $9.1 million, or 10 cents a share, up from $3 million, or 3 cents a share, for the same period last year. Two analysts polled by
First Call/Thomson Financial
expected earnings of 7 cents a share.
Revenues for the quarter grew 7% to $178.4 million from $166.7 million in the year-ago period.
The company also forecast fourth-quarter earnings per share of between 13 cents and 16 cents and full-year earnings per share of 45 cents to 48 cents. These figures include the impact of non-recurring charges of about 6 cents a share related to the company's early-retirement program. Analysts on average expect the company to earn 25 cents per share in the fourth-quarter and 55 cents per share in 2000.
Shares of Hearst-Argyle were recently down 4.02%, or 81 cents, to $19.38 in
New York Stock Exchange