New York Times Q1 revenue $413.9 mln vs. $398.8 mln; FactSet consensus $408 mln

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New York Times reports better-than-expected Q4 results as digital subscriptions continue to grow

The New York Times Co. reported fourth-quarter earnings that were above consensus. The newspaper company reported a net loss of $57.84 million, or loss of 35 cents per share, after income of $37.63 million, or 23 cents per share during the same quarter a year ago. Adjusted earnings per share for the quarter was 39 cents, above the FactSet consensus of 29 cents. Total revenue was $484.1 million, up from $439.7 million the year earlier, and above the $467.0 million forecast of two analysts following the stock via FactSet. The company’s advertising revenue fell 1.3% year-over-year, but was offset by a 19.2% increase in subscription revenue. New York Times Chief Executive Mark Thompson said that advertising now represents just one-third of company revenue. The New York Times added 157,000 digital-only subscribers in the quarter. “We’re pleased with the continued rate of growth and particularly pleased to be seeing strong retention from the large group of new subscribers who came to the Times late last year,” Thompson said in a statement. “We believe there remains a large opportunity to continue to extend our subscription reach and will continue to invest in areas of the business that will allow us to achieve that growth.” The company said that fourth-quarter results included, among other things, $102.1 million in pension settlement charges. The company also have severance costs of $1 million in the quarter. New York Times shares have increased close to 50% in the last 12 months, while the S&P 500 index is up nearly 17% and the Dow Jones Industrial Average is up more than 24%.

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