By: E&P Staff The Washington Post Co. surprised analysts with increased quarterly earnings mainly due to the growth in the newspaper and magazine divisions, according to a report released by Merrill Lynch.
Newspaper revenues for Q1 grew 7% to $218 million -- $5.3 million above the Merrill Lynch forecast. Print ad revenues increased 7% while online revenues grew 41%.
The report notes that when "combining print and online ad revenues, the company's ad revenues expanded 9.5%, leading the industry." Yet, print revenues last year only grew 0.8%, making for easier year-over-year comparisons.
The early retirement packages offered by the company last year also helped boost numbers: EBITDA of $41.7 million, up 27.5%, also exceeded Merrill Lynch's forecast by $8.1 million.
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