reported that total May sales rose 6%, and the company said second-quarter earnings are on track to meet analysts' estimates.
The company expects to earn 54 cents to 60 cents a share in the quarter. On average, analysts expect a profit of 57 cents a share. The company earned 52 cents a share in the year-ago second quarter.
Tribune also reiterated that consolidated operating expenses in the first half of 2003 will be up in the mid-single digit range, before decreasing to the low-single digits in the second half of the year.
May consolidated revenue was $452 million, up from $429 million last year, and publishing revenue rose 3% to $317 million during the period ended May 25. Advertising revenue was also up 3% to $245 million. Meanwhile, classified print advertising revenue fell 3%, the company said.
The company's broadcasting and entertainment businesses' revenue increased 11% to $136 million, compared with $122 million in May 2002. Television revenue climbed 12%.
The Chicago-based Tribune operates
The Los Angeles Times
. Shares of the company closed at $47.30 Friday on the
New York Stock Exchange