Third-quarter earnings fell slightly from last year at the
New York Times
as higher newsprint and promotional costs ate into a 2% revenue increase.
The media company earned $48.3 million, or 33 cents a share, in the three months ended Sept. 30, compared with earnings of $50.1 million, or 33 cents a share, last year. Revenue was $773.8 million in the 2004 quarter compared with $759.3 million a year ago.
Analysts were forecasting earnings of 32 cents a share on revenue of $783.9 million in the quarter. Looking ahead, New York Times expects full-year earnings to be at or slightly below the $1.98 a share it earned in 2003. Analysts had been forecasting $1.96 a share, according to Thomson First Call.
The New York Times said advertising revenue rose 3.7% in the third quarter from last year, about the same rate it posted in the second quarter.
"In order to spur greater revenue gains, we are continuing with our plans to increase the number and color capacity of the
national print sites, redesign key editorial sections and improve its content, as well as grow the IHT and NYTimes.com," it said. The initiatives will result in higher expenses that it hopes will translate into future revenue growth.