(AP) Financial news publisher Dow Jones & Co. reported a 10% rise in second-quarter profits Thursday, but the company cautioned that advertising remained “well below” normal levels at The Wall Street Journal.
Dow Jones, which also publishes Barron’s, Dow Jones Newswires and several stock market indicators, earned $34 million in the three months ending in June, up from $30.8 million in the comparable period a year ago.
Per-share earnings were 41 cents, above the 38 cents forecast by analysts polled by Thomson First Call and also above the year-ago results which were also 38 cents per share.
Revenues rose 11% to $437.8 million from $393.6 million.
CEO Peter Kann said that while Dow Jones was “encouraged” by improving revenues and profits across the company’s business segments, “we still see inconsistent trends in monthly Wall Street Journal advertising and ad levels, and results remain well below what we consider normal levels.”
As a result, the company will continue to keep tight controls on costs and other factors in order to “maximize financial results in any advertising environment,” Kann said.
For the first six months of the year, the company earned $51.9 million, or 63 cents per share, down from $97.8 million, or $1.19 a share, in the comparable six-month period a year ago.
First-half revenues rose 12% to $839.4 million from $751.8 million.