New York Times boosts EPS 70% as digital subs grow

|About: New York Times Co. (NYT)|By:, SA News Editor

The New York Times Co. (NYT -0.7%) raised adjusted earnings per share 70% in its Q1 report, which beat consensus on top and bottom lines.

Adjusted operating profit rose to $55.5M from a year-ago $50.2M.

“In the first quarter, we saw increases in revenue and overall profitability and continued solid growth in our digital subscription business," says CEO Mark Thompson.

Digital-only subscription revenues rose nearly 26%, to $95.4M, making up 23% of total revenues. Digital-only subscriptions rose to 2.78M, up 25.5%.

Revenue breakout: Subscription, $260.6M (up 7.5%); Advertising, $125.65M (down 3.4%); Other, $27.7M (up 5%).

Cash and marketable securities came to $749.3M; total debt and capital lease obligations are $251.1M.

For Q2, it expects subscription revenues to rise in mid single digits and ad revenues to fall in the low teens vs. a year ago. Operating costs are forecast at a low-single-digit increase (and adjusted operating costs rising in the mid-single digits).

Press release

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