By: Louise Chu, Associated Press Writer (AP) McClatchy Co., publisher of the
Star Tribune of Minneapolis and other newspapers, said Thursday it earned $32.6 million in the third quarter, exceeding analysts' expectations.
Earnings for the three months ending Sept. 29 were 71 cents per share, up from last year's third quarter earnings of $14.2 million, or 31 cents per share. Analysts surveyed by Thomson First Call had predicted 69 cents per share.
The stock closed down 4 cents at $59.80 in trading on the New York Stock Exchange.
Third-quarter revenues increased 1.2% to $267.1 million from $263.8 million in 2001.
McClatchy expects fourth quarter earnings to be between 76 cents and 78 cents per share. Analysts expect 75 cents.
"We feel that the fourth quarter should continue revenue growth," said McClatchy Chairman and CEO Gary Pruitt. He added, however, that the company remains cautious, in part because of rising newsprint costs. The company is continuing to focus on strict cost controls.
Based in Sacramento, McClatchy publishes 11 daily and 13 non-daily newspapers in California, Minnesota, the Carolinas, and the Pacific Northwest. It also owns and operates Nando Media, an Internet publishing unit, and The Newspaper Network, an advertising insert distributor.
Its newspapers include
The Sacramento Bee, The Fresno Bee, and
The Modesto Bee in California,
The News & Observer in Raleigh, N.C.,
The News Tribune in Tacoma, Wash., and the
Anchorage Daily News in Alaska.
For the nine months ending Sept. 29, the company had revenue of $794.0 million, compared with $803.3 million at the same point in 2001. Net income was $92.2 million, or $2.00 per share, up from $37.1 million, or 81 cents per share.
The McClatchy Co.:
http://www.mcclatchy.com
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