Publisher New York Times Co on Tuesday said its quarterly results will be boosted by a large gain from the sale of assets, but that advertising was "uneven" at its newspapers, sending its shares down. The company expects first-quarter net earnings per share of 74 cents to 76 cents, including a gain of 46 cents per share from the sale of assets, an expense of 3 cents per share for stock-based compensation, and an expense of 2 cents per share for costs associated with debt redemption. Analysts on average expect a profit of 34 cents a share, according to Reuters Estimates.
New York Times shares dropped about 2 percent to $35.10 in pre-market on INET, after closing at No 35.80 on Monday on the New York Stock Exchange.
"In the first quarter advertising performance remained uneven...with The New York Times experiencing modest year-over-year improvement and The Boston Globe seeing declines stemming from the banking and telecommunications categories," Leonard Forman, chief financial officer, said in a statement.
The company added that its larger properties will be hurt by the occurrence this year of the Easter Holiday in March, rather than in April. Traditionally, advertising is lighter on holidays such as Easter Sunday.
The New York Times said it expects to report its full first-quarter results on April 14.
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