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New York Times Sees Meeting Profit Estimates for Year

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New York Times


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


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



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