The Washington Post Co on Friday reported a 10 percent rise in quarterly profit on strength in its educational services division, but sales were lower than expected. Net income for the third quarter rose to $73.3 million, or $7.60 a share, compared with $66.6 million, or $6.89 a share, in the same quarter a year ago.
The results included a goodwill impairment charge at PostNewsweek Tech Media of 65 cents per share, and gains from the sales of property and marketable securities of 29 cents per share. The results also benefited from a lower effective tax rate. Revenue rose 8 percent to $946.9 million. Analysts on average had expected $963.12 million, according to Reuters Estimates.
The rise was due mostly to significant revenue growth at the company's education, cable television and television broadcasting divisions. The education division includes Kaplan, a company offering test preparation courses. Revenue from the newspaper publishing division fell 4 percent from the same quarter a year earlier. Operating income in that division fell 38 percent, as print advertising sales were down. The Washington Post said revenue at its online publishing activities, including washingt onpost.com, rose 24 percent to $24.5 million.