The New York Times Co. (NYT) Tops Q4 EPS by 16c
The New York Times Co. (NYSE: NYT) reported Q4 EPS of $0.59, $0.16 better than the analyst estimate of $0.43. Revenue for the quarter came in at $667.5 million versus the consensus estimate of $646.17 million.
Outlook
Below is the Company’s guidance for revenue and operating costs for the first quarter of 2023 compared with the first quarter of 2022. Note that the Company acquired The Athletic on February 1, 2022, and as a result, The Athletic’s first quarter 2022 result only reflects approximately two-thirds of the quarter.
| The New York Times Company | |||||
| Digital-only subscription revenues | increase 13 - 16% | ||||
| Total subscription revenues | increase 6 - 9% | ||||
| Digital advertising revenues | decrease low-single digits | ||||
| Total advertising revenues | decrease low-single digits | ||||
| Other revenue | increase mid-single digits | ||||
| Operating costs | increase 6 - 8% | ||||
| Adjusted operating costs | increase 6 - 8% | ||||
The Company expects the following on a pre-tax basis in 2023:
•Depreciation and amortization: approximately $90 million, which includes approximately $29 million of acquired intangible assets amortization largely related to the acquisition of The Athletic,
•Interest income and other, net: approximately $9 million to $11 million, and
•Capital expenditures: approximately $50 million.
For earnings history and earnings-related data on The New York Times Co. (NYT) click here.