By: Staff Reports
Company Warns 4th Quarter Results To Be Lower
Third-quarter earnings at the McClatchy Co. were partly offset by increased newsprint prices as the company warned that the higher prices would result in lower than expected earnings for the fourth quarter and all of 2000.
Earnings per share in the quarter were 48 cents, up 6.6% and in line with Wall Street’s expectations.
Net income rose 6% to $21.5 million on revenue of $279.1 million, a 3.7% increase.
Ad revenue rose 4.7% to $227.1 million, with growth in McClatchy’s California and Carolina papers offsetting somewhat weaker results in Minnesota and the Northwest.
The company expects earnings per share (EPS) to fall between 57 cents and 59 cents in the fourth quarter and $1.95 and $1.97 for all of 2000. A First Call consensus estimate by analysts called for EPS of 63 cents in the fourth quarter and $2.01 for the full year.
3rd Quarter Earnings Reports:
NEW YORK TIMES CO. MEETS ANALYSTS’ EXPECTATIONS (10/12/00)
DOW JONES’ ELECTRONIC PUBLISHING REVENUE UP 10% (10/12/00)
ACQUISITION EXPENSES TEMPER EARNINGS AT GANNETT (10/11/00)
BROADCAST UNITS DRIVE EARNINGS AT SCRIPPS (1
Copright 2000, Editor & Publisher.