(New York Times story updated to reflect changing share prices)
NEW YORK (
) -- The
New York Times
announced today it expects to report a third-quarter loss from continuing operations in the range of 5 cents to 7 cents a share, but excluding items earnings will come in at 3 cents to 5 cents a share.
Analysts forecast New York Times to report earnings of 4 cents a share.
Shares of New York Times stock have plunged 6.4% to $7.46.
New York Times made the announcement ahead of its presentation at the
Communacopia XIX Conference on Wednesday.
Special items excluded from the company's adjusted earnings forecast include a $16 million charge for a write-down of assets at the
printing facility in Billerica, Mass., and a $6 million charge for an adjustment to estimated pension withdrawal obligations under several multi-employer pension plans at the
The company expects third-quarter severance costs to be about $1 million and total third-quarter revenue to decrease about 2% to 3%; print advertising revenue to decrease about 5%; digital advertising revenue to increase about 14%; circulation revenue to decrease about 5%; and operating costs to increase about 1% to 2%.
-- Written by Andrea Tse in New York.
>To contact the writer of this article, click here:
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.