New York Times Co on Monday forecast third-quarter and full-year earnings below Wall Street's average estimates on lower-than-expected revenue so far in September, sending its shares to two-year lows.
The company joined other newspaper publishers that have recently warned Wall Street about their financial results.
Earlier this month, rival Dow Jones & Co Inc cut its quarterly profit forecast because of advertising weakness at its flagship Wall Street Journal, while Knight Ridder Inc said quarterly earnings will miss estimates due to the impact of three recent hurricanes on its Florida newspapers.
The publisher of the flagship New York Times and The Boston Globe said it now expects third-quarter earnings of 30 cents to 33 cents a share, below the Reuters Estimate consensus target of 35 cents a share.
The company sees full-year earnings matching or coming in slightly below year-earlier results of $1.98 per share, compared with Reuters Estimates' average analysts' target of $2.02 a share.
September's performance to date "has failed to demonstrate the kind of consistent revenue growth we had been looking for as we reach the fall," Chief Financial Officer Leonard Forman said in a statement.
Comments
Comments are closed.