Washington Post Swings to a Profit
November 2, 2012 by Trey Thoelcke
The diversified media and education company posted adjusted earnings per share (EPS) of $12.64 on revenues of $1.01 billion for the third quarter. In the same period a year ago, the company reported a net loss of $0.82 on revenues of $1.01 billion. The quarter’s results also compare to the consensus estimates for EPS of $1.31 and $993.3 million in revenues.
Third-quarter revenue from the education division declined 8% year-over-year to $552.6 million. Newspaper publishing division revenue came to $137.3 million, down 4%. But cable television division revenue grew 6% to $199.6 million and revenue for the television broadcasting division rose 44% to $106.4 million.
The company offered no guidance for the full year. The Thomson Reuters consensus estimates call for EPS of $17.35 and $3.99 billion in revenues. That would be down from $24.02 per share and $4.21 billion in the previous year.
Washington Post shares are up about 5.5% to $18.53 in morning trading. The 52-week range is $323.29 to $405.00. Shares of competitor New York Times Co. (NYSE: NYT) are down about 1% to $8.71, and Gannet Co. (NYSE: GCI) shares are also about 1% lower to $17.10.
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