By: (AP) Belo Corp., publisher of The Dallas Morning News and other newspapers, said Tuesday it sees 2006 earnings growth in the high-single digits and is optimistic about the potential for revenue growth across its businesses.
Belo also narrowed its guidance for the fourth quarter, saying it now expects earnings of 33 cents to 35 cents per share. In October, the company forecast fourth-quarter earnings of 33 cents to 36 cents per share.
Analysts are looking for a profit of 35 cents per share for the quarter, and $1.34 per share for next year, according to Thomson Financial.
Belo, which also owns and manages television stations across the United States, said television spot revenue during the fourth quarter should be slightly better than the company previously thought, while newspaper revenue will be in line with expectations.
For 2006, Belo said it expects its television group to gain "significant" incremental revenue from the Super Bowl, Olympics and political advertising. Expenses in the group are expected to increase about 3% to 4%, yielding a low-double digit increase in earnings from operations for the segment.
For its newspaper group, Belo said it sees total 2006 revenue up in the high-single digits, with a mid-to-high single digit increase in advertising revenue. The company forecast 2006 earnings from operations for the newspaper group to increase in the high-single digits.
Belo shares fell 19 cents to $21.33 in morning trading on the New York Stock Exchange.
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