New York Times Beats Profit Estimates on Slower Ad Drop
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New York Times Co., the newspaper publisher controlled by the Ochs-Sulzberger family, posted fourth-quarter profit that beat analysts’ estimates as its advertising decline slowed and online readership grew.
Net income tripled to $176.9 million, or $1.14 a share, from $58.9 million, or 39 cents, a year earlier, the company said today in a statement. The sale of About.com and a stake in Indeed.com added $164.3 million in the quarter after taxes. Excluding some items, profit was 32 cents a share, beating the 31-cent average of estimates compiled by Bloomberg.