New York Times Company Q2 Adj. Profit Rises

(RTTNews) - The New York Times Company (NYT) reported that its second-quarter net income was $46.57 million, a decline of 24.6% from a year ago. EPS was $0.28 compared with $0.37. The company noted that the decrease in EPS was primarily driven by the gain in the second quarter of 2022 relating to the College Point parcel sale and the lease-related impairment charge in the second quarter of 2023. Adjusted EPS was $0.38 compared with $0.28. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.21, for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased 6.3% to $590.9 million. Subscription revenues increased 6.8% to $409.6 million, advertising revenues were approximately flat at $117.8 million and other revenues increased 16.1% to $63.5 million. Analysts on average had estimated $580.53 million in revenue.

Subscription revenues from digital-only products increased 13.0%, to $269.8 million. Print subscription revenues decreased 3.5% to $139.8 million. The company ended the second quarter of 2023 with approximately 9.88 million subscribers across its print and digital products, including approximately 9.19 million digital-only subscribers.

For the third quarter, The New York Times Company expects total subscription revenues to increase 8 - 10% compared with the third quarter of 2022. Digital-only subscription revenues are projected to increase 14 - 17% year-over-year. Total advertising revenues are anticipated to be approximately flat, while digital advertising revenues are expected to increase mid-single-digits.

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