NYT 4Q Profits More Than Double, Exceed Expectations

The New York Times Co (NYSE: NYT) today mentioned that its fourth-quarter profits more than doubled, despite a fall in total revenues.

The publisher earned $90.9 million, or $0.61 a share, as compared to profits of $27.6 million, or $0.19 a share, in the same quarter a year ago. Adjusted earnings from continuing operations were $0.44 a share. However, NYT’s revenues for the most recent quarter fell 11.5% to $681 million. Analysts were expecting the company to post adjusted profits of $0.35 a share and revenues of $657 million.

The company’s profits rose, partly due to a 15.5% fall in total costs, to $580.7 million in the latest quarter. NYT’s total advertising revenues fell roughly 15% year-on-year, despite an 11% rise in digital advertising, as a result of a 20% fall in print advertising.

Janet Robinson, president and chief executive, said, “Our results [in part] reflect our ability to restructure our cost base, introduce new products and innovations, leverage our brand strength and extend our reach to new audiences… While the advertising market remains challenging, the rate of decline across the major advertising categories -- national, retail and classified -- lessened as the quarter progressed”

New York Times’ circulation revenues rose 2% on higher prices charged by The New York Times and The Boston Globe newspapers. The company's results were also boosted by the performance of the About Group, which saw an 80% rise in fourth-quarter operating profits, to $18 million, on 23% growth in advertising revenues.

The company ended the year with $769 million in debt liability, down from $1.059 billion at the end of 2008.

Read more about this company here.