expects earnings for 2000 to be in line with analysts' estimates as the company continues to cut costs and increase revenue.
The publishing company expects to report an operating margin of 20% and earnings of $3.65 to $3.70 for fiscal 2000. Analysts expect earnings of $3.70 a share, according to
First Call/Thomson Financial
For 2001, the company expects advertising revenue to grow between 4% and 4.5% and sees double-digit earnings per share growth. In addition, Knight Ridder said it would reduce its work force by 1.5% to 2%, for which it expects to take a charge of $10 million to $15 million in the fourth quarter.
Separately, the company confirmed its recent bid for the remaining 50.5% of the
that it doesn't already own. The company added that the rumored $650 million amount of the bid was "seriously overstated."
Shares of Knight Ridder were recently down 81 cents, or 1.5%, to $53.06 in
New York Stock Exchange
warned that fourth-quarter earnings would fall short of estimates, but
New York Times
said it was
comfortable with Wall Street's expectations for the year.