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Revenue Rises at Dow Jones

Adjusted profits top estimates by 1 cent.
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Dow Jones

(DJ)

said its third-quarter revenue rose 3.9% and profits improved year over year after it recorded a tax gain.

The newspaper publisher earned 19 cents a share in the quarter, up from 12 cents a year ago. Excluding the tax gain and a severance charge, Dow Jones earned 11 cents, down 8.3% from last year, but a penny ahead of the Thomson Financial estimate.

Revenue climbed to $412.4 million from $396.8 million last year.

"We increased revenue and profit in nearly all our core business operations and tightly managed expenses, which led to a 61% increase in operating income in the third quarter," said Rich Zannino, chief executive of Dow Jones. "However, these improved results were more than offset by higher interest expense and modestly lower equity earnings, resulting in a slight decline in EPS before special items and a severance charge."

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For the fourth quarter, the company expects to report earnings in the "low- to mid-40 cents per share range," before items. On average, analysts are anticipating a profit of 44 cents.

Separately, Dow Jones

revealed plans to buy

Reuters'

(RTRSY)

50% stake in the companies' Factiva joint venture.