The New York Times Co. (NYSE: NYT) reported Q3 EPS of $0.22, $0.11 better than the analyst estimate of $0.11. Revenue for the quarter came in at $426.9 million versus the consensus estimate of $411.79 million.

Outlook:

Total subscription revenues in the fourth quarter of 2020 are expected to increase approximately 14 percent compared with the fourth quarter of 2019, with digital-only subscription revenue expected to increase approximately 35 percent.

Total advertising revenues in the fourth quarter of 2020 are expected to decline approximately 30 percent compared with the fourth quarter of 2019, with digital advertising revenue expected to decrease in the mid-teens, largely due to the impact from the COVID-19 pandemic.

Other revenues in the fourth quarter of 2020 are expected to decrease approximately 15 percent compared with the fourth quarter of 2019 as a result of fewer television episodes and lower revenues from live events.

Operating costs and adjusted operating costs in the fourth quarter of 2020 are expected to be flat or to decrease in the low single digits compared with the fourth quarter of 2019 as the Company defers non-essential spending while continuing to invest in the drivers of digital subscription growth.

The Company expects the following on a pre-tax basis in 2020:

• Depreciation and amortization: approximately $61 million,
• Interest income and other, net: $20 million to $22 million, and
• Capital expenditures: approximately $40 million.

Our outlook is based on our current knowledge and assumptions and could be impacted by the evolving COVID-19 pandemic.

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