Earnings tanked 19% at

Dow Jones

(DJ)

in the fourth quarter and the publisher predicted more pain to come in the current period.

Dow Jones earned $35.6 million, or 43 cents a share, in the quarter, compared with $44.3 million, or 54 cents a share, last year. Revenue rose 4% from a year ago to $437.2 million. Analysts were predicting earnings of 45 cents a share on sales of $447.1 million in the latest quarter.

Print publishing revenue fell 2.1% to $247.9 million in the fourth quarter of 2004 from last year, reflecting advertising linage at the U.S.

Wall Street Journal

, which fell 5.1%. Ad linage at international editions of the

Journal

fell 8.6% from a year ago.

The company issued several versions of first-quarter earnings guidance, saying it expects to earn 12 cents to 15 cents a share before special items before the dilution created by a new weekend edition of

The Wall Street Journal

and its acquisition of

MarketWatch

. Including that dilution, earnings will be 7 cents to 10 cents a share. On the bottom line, Dow Jones sees earnings of 5 cents to 8 cents a share.

The estimate assumes first-quarter ad volume at the U.S.

Wall Street Journal

will be down in the upper-single-digit percentage range compared to the first quarter of 2004.

The stock fell $1.77, or 4.4%, to $38.45 Thursday morning.