(AP) The New York Times Co. reported a 14% decline in newspaper advertising revenues for January and said it expects first-quarter earnings to come in at the low end of analysts’ forecasts.
The company, which also publishes The Boston Globe and 16 other newspapers in addition to The New York Times, said it now expects first-quarter earnings to be between 34 cents and 37 cents per share, excluding one-time items.
Analysts polled by Thomson Financial/First Call had expected first-quarter earnings of 37 cents a share, unchanged from what the company reported in the same period a year ago.
The decline in newspaper advertising revenues in January marked an improvement from the nearly 20% year-on-year decline in December, and the company said it expects the rate of decline to decrease again in February.
Despite the profit warning, the company’s shares were up 33 cents at $45.40 in early trading Wednesday on the New York Stock Exchange.