The New York Times Company Reports 2020 Fourth-Quarter and Full-Year Results

The New York Times Company (NYSE: NYT) announced today fourth-quarter 2020 diluted earnings per share from continuing operations of $.06 compared with $.41 in the same period of 2019. Adjusted diluted earnings per share from continuing operations (defined below) was $.40 in the fourth quarter of 2020 compared with $.43 in the fourth quarter of 2019.

Operating profit increased to $80.5 million in the fourth quarter of 2020 from $78.0 million in the same period of 2019 and adjusted operating profit (defined below) increased to $97.7 million from $96.3 million in the prior year, as higher digital-only subscription revenues more than offset lower advertising and other revenues.

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “2020 was a seismic year for news. The need for quality, independent journalism was as acute as ever in my lifetime, and my colleagues across The Times rose to meet that need with the energy and rigor our mission demands.

“Our work, which was consumed at historic levels, led to a year of strong business results, including a record 2.3 million net new digital-only subscription additions, with 627,000 total net additions in the fourth quarter, 425,000 to our news product. At the end of 2020, The Times had 7.5 million total subscriptions across our digital and print products.

Total revenues for the fourth quarter of 2020 increased 0.2 percent to $509.4 million from $508.4 million in the fourth quarter of 2019. Subscription revenues increased 14.7 percent to $315.8 million, advertising revenues decreased 18.7 percent to $139.3 million and other revenues decreased 12.1 percent to $54.3 million.

Total operating costs decreased 0.4 percent in the fourth quarter of 2020 to $428.8 million compared with $430.4 million in the fourth quarter of 2019, while adjusted operating costs decreased 0.1 percent to $411.7 million from $412.0 million in the fourth quarter of 2019, in each case as a result of the factors discussed below.
details at: https://investors.nytco.com/news-and-events/press-releases/#data-item=The-New-York-Times-Company-Reports-2020-Fourth-Quarter-and-Full-Year-Results-and-Announces-Dividend-Increase

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