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.