The New York Times Co. (NYT) Tops Q1 EPS by 3c

The New York Times Co. (NYSE: NYT) reported Q1 EPS of $0.17, $0.03 better than the analyst estimate of $0.14. Revenue for the quarter came in at $413.9 million versus the consensus estimate of $408.07 million.

Mark Thompson, president and chief executive officer, The New York Times Company, said, “In the first quarter, we saw increases in revenue and overall profitability and continued solid growth in our digital subscription business. The strong demand for the high quality, independent journalism that The Times produces resulted in a 139,000 net increase in digital-only subscriptions for the quarter. We’re seeing good retention of new cohorts of subscribers and continue to believe there is a big opportunity to further grow this increasingly important part of our business. Subscription revenues accounted for nearly two-thirds of the Company’s revenues and, as we continue to adapt our subscription model and introduce new products, we expect that trend to continue.

“Turning to advertising, Q1 saw a good performance in print, the best since the third quarter of 2015, with just a 2 percent decline year-over-year. However, as predicted, we had a subdued start to year in digital advertising, with a 6 percent decline in the quarter, driven in part by the lumpiness of our growing strategic partnership business, and the fact that audiences in the quarter, while strong, did not quite reach the peaks of the immediate post-election and inauguration period a year earlier. We expect another down quarter in digital advertising in Q2, but are confident that we will return to solid year-over-year growth in the third quarter.”

For earnings history and earnings-related data on The New York Times Co. (NYT) click here.

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