New York Times Sees Meeting Profit Estimates for Year

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New York Times

(NYT) - Get Report

expects full-year 2000 earnings to meet analysts' expectations amid strong national advertising revenue.

The publishing giant, which owns

The New York Times

,

The Boston Globe

and other newspapers, said it expects earnings of $2.08 to $2.10 a share in 2000, compared with $1.78 a share in 1999. Thirteen analysts polled by

First Call/Thomson Financial

expect the company to earn $2.08 a share for the year.

Dow Jones

(DJ)

said today that earnings for the fourth quarter would fall short of analysts' expectations, as advertising demand has softened. Meanwhile, media group

Knight-Ridder

(KRI)

said this morning that it was comfortable with Wall Street's estimates for the year.

New York Times expects to achieve 10% to 15% earnings per share growth in 2001. Analysts on average expect the company to earn $2.29 a share in fiscal 2001.

The company also reported today that advertising revenue for its newspaper group grew 3% for November, compared with 14.8% growth in the same period last year. The company expects advertising revenue growth for 2000 of 8.5% to 9.5% for the newspaper group.

Shares of New York Times were recently up 4.6%, or $1.69, to $38.50 on the

New York Stock Exchange

.