New York Times Co. (NYT) Tops Q1 EPS by 4c

New York Times Co. (NYSE: NYT) reported adjusted Q1 EPS of $0.07, $0.04 better than the analyst estimate of $0.03. Revenue for the quarter came rose 2.6% to $390.4 million versus the consensus estimate of $384.73 million.

“2014 is off to a good start, with revenue growth across the board in the first quarter followed by the launch of new digital subscription products at the beginning of April,” said Mark Thompson, president and chief executive officer. “For the first time in several years, we saw quarterly growth in both print and digital advertising revenues, with total advertising revenues increasing by more than 3 percent year-over-year. We’re pleased with this result, which we believe demonstrates the progress we are making in both performance and innovation in advertising. Paid Posts, our native advertising initiative, launched very successfully during the quarter. However, we are certainly not claiming victory in advertising yet; we expect continued month-to-month volatility and recognize that we will face some significantly tougher year-on-year comparisons as the year goes on.

“Just after the quarter’s end we began the rollout of NYT Now and Times Premier, expanding the target market for our digital products and increasing our ability to monetize our unparalleled journalism and features across a more comprehensive spectrum of current and potential subscribers. Our new mobile product, NYT Now, in particular is being embraced by the market. As we have said previously, we expect these products to take some time to ramp up, but we are pleased with the reception thus far and by the continued strength of our core digital subscription packages, which grew by 18% year-over-year in Q1.”

For earnings history and earnings-related data on New York Times Co. (NYT) click here.

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