New York Times Profit Increases Sevenfold After Asset Sales
This article is for subscribers only.
New York Times Co., publisher of the namesake newspaper, advanced the most in almost four months after reporting a more than sevenfold rise in first-quarter profit that reflected gains on the sale of regional publications.
Times Co. climbed 4.4 percent to $6.38 at the close in New York, the biggest gain since Dec. 20. Net income rose to $42.1 million, or 28 cents a share, from $5.42 million, or 4 cents, a year earlier, the New York-based company said today in a statement. Excluding some items, profit was 8 cents a share, beating the 2-cent average of seven analysts’ estimates compiled by Bloomberg.