By: Staff reports Company Expects To Beat Analysts' Estimates
The McClatchy Co. this week raised its 1999 earnings estimate, based on a strong fourth quarter to date. The company said it expects earnings in the range of $1.81 per share to $1.85 per share.
Analysts polled by First Call Corp. had expected earnings ranging from $1.77 per share to $1.80 per share, with consensus at $1.79.
Earnings through October 1999 were $66.6 million, or $1.48 per share, up from $44.8 million, or $1.08 per share, in the year-earlier period.
In the latest Audit Bureau of Circulations FAS-FAX report for the six months ended Sept. 30, circulation at McClatchy's papers was up 1.2% daily, 0.6% Sunday.
The company also announced that James P. Smith, vice president for finance and treasurer, will retire late in the first quarter of 2000 after 25 years with the company. A search for his replacement is underway.
Based in Sacramento, Calif., McClatchy publishes 11 daily and 13 non-daily newspapers, including the Bee papers in California and the Star Tribune in Minneapolis. The company has more than $1 billion in annual revenues.
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Staff reports
(c) Copyright 1999, Editor & Publisher
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