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New York Times Co. (NYSE:NYT) reported net income above Wall Street’s expectations for the first quarter. The New York Times Company is a media company that currently includes newspapers, Internet businesses, investments in paper mills, and other investments.
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New York Times Earnings Cheat Sheet for the First Quarter
Results: Net income for New York Times Co. rose to $42.1 million (28 cents per share) vs. $5.4 million (4 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year-earlier quarter.
Revenue: Fell 0.3% to $499.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: New York Times Co. reported adjusted net income of 8 cents per share. By that measure, the company beat the mean estimate of 2 cents per share. Analysts were expecting revenue of $500.3 million.
Quoting Management: “We continue to execute on our strategy and our improved results reflect the ongoing digital transformation of our Company,” said Arthur Sulzberger, Jr., chairman and chief executive officer, The New York Times Company. “We expanded our digital subscription base and further developed a robust consumer revenue stream as demonstrated by the 10 percent increase in total Company circulation revenues, led by the 13 percent growth at The New York Times Media Group. Operating profit before depreciation, amortization and severance grew nine percent in the first quarter.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 3 cents in the fourth quarter of the last fiscal year, by 2 cents in the third quarter of the last fiscal year, and by 2 cents in the second quarter of the last fiscal year.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 14 cents a share to 13 cents over the last thirty days. At 65 cents per share, the average estimate for the fiscal year has fallen from 68 cents ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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