(AP) The New York Times Co. said Tuesday that earnings for 2002 should fall within the range of its previous forecasts, and predicted that better economic trends would help improve profitability next year.
“In October we reiterated our expectation that full-year earnings for 2002 would be within the range of $1.90 to $2.00,” Leonard P. Forman, senior vice president and chief financial officer, said in a news release. “At this point we are comfortable in saying that our earnings will be in the middle of that range.”
For 2003, he said that modest growth in the economy should help the advertising market. That, along with cost-cutting, should put the company’s earnings-per-share growth rate in the mid-single digits to low-double digits.
“Continued improvement in the ad market would push us toward the upper end of that range and perhaps even beyond, while a deterioration would have the opposite effect,” he said.
Also, Tuesday, the company said its advertising revenue increase 6.7% in November from the same time a year ago. The gains reflected an upturn in technology, entertainment, transportation, and other advertising.
The New York Times Co. publishes The New York Times, The Boston Globe, and 16 other newspapers. It also owns TV stations, radio stations, and more than 40 Web sites.
In trading Wednesday morning on the New York Stock Exchange, shares of the Times Co. was up 80 cents at $47.13.