New York Times tops Wall Street profit target

New York Times Co. reported Wednesday a second-quarter profit that beat expectations while revenue came up shy. The media company‘s stock was still inactive in premarket trading. Net income increased to $167.5 million, or 15 cents a share, from $166.9 million, or 14 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS was flat at 17 cents, but above the FactSet consensus of 15 cents. Revenue grew 5.7% to $436.3 million, but was below the FactSet consensus of $439.5 million. Subscription revenue rose 3.8% to $270.5 million, while the two analyst estimates provided FactSet ranged from $269.8 million to $274.8 million; advertising revenue increased 0.4% to $120.8 million, while the two FactSet estimates were in a range of $120.4 million to $122.1 million. Revenue from digital-only subscription products rose 14.1% to $112.6 million. Within advertising, digital increased 13.7% to $58.0 million while print fell 8.0%. For the third quarter, the company expects subscription revenue to increase in the "low- to mid-single digits" percentage range from last year. The stock has soared 59.6% year to date through Tuesday, while the S&P 500 has climbed 15.0%.

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