The New York Times Company Reports Fourth-Quarter 2022 Results

The New York Times Company (NYSE: NYT) announced today fourth quarter 2022 diluted earnings per share from continuing operations of $.43 compared with $.41 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.59 in the fourth quarter of 2022 compared with $.43 in the fourth quarter of 2021.

Operating profit decreased to $93.0 million in the fourth quarter of 2022 from $94.1 million in the same period of 2021 as higher digital subscription revenues at The New York Times Group segment (“NYTG”) and the impact from six additional days in the quarter were more than offset by a one-time charge related to the Company’s withdrawal from a multiemployer pension plan and operating losses at The Athletic segment (“The Athletic”). Adjusted operating profit (defined below) increased to $141.8 million from $109.3 million in the prior year, as higher digital subscription revenues at NYTG and the impact from the additional six days more than offset operating losses at The Athletic. Adjusted operating profit at NYTG increased to $148.7 million from $109.3 million as higher digital subscription and other revenues more than offset lower digital advertising revenues.

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “2022 was the first full year of executing our strategy to become the essential subscription for every Englishspeaking person seeking to understand and engage with the world. We are proud of our results, which reflect the differential value of our expanded product portfolio; the multi-revenue stream nature of our model; strong unit economics; and disciplined cost management.

“Consolidated operating profit was $202 million for the year, and adjusted operating profit was $348 million, well ahead of our guidance. In a challenging market, these results underscore the strength of our model and give us the confidence to announce a new mid-term target for capital return, a new share repurchase authorization, and our 5th consecutive annual increase to the quarterly dividend payment.
details at: https://s23.q4cdn.com/152113917/files/doc_news/2023/NYT-Press-Release-Q4-2022-Final-gRYq6MI.pdf

Related Posts

AAP Preliminary Report Puts Religion Book Sales up 7.8% in 2023 (publishersweekly.com)

Sales of religious books at companies that report results to the Association of American Publishers’ StatShot program rose 7.8% last year over 2022, hitting $819.7 million. All formats expect e-books had an increase. The biggest gain was in trade paperback where sales increased 11.1%. Hardcover sales rose 6.7% and accounted for 60.1% of segment sales last year, roughly even compared to 2022. On the digital side, sales of digital audiobooks rose 8.5%, but e-book sales fell 3.3%.

F+W Dismisses Top Execs Amid Layoffs

In a dramatic changing of the guard at the niche magazine publisher, F+W Media has dismissed its CEO, COO, and CTO, Folio: has learned. The company’s board of directors revealed Monday its decision to part ways with CEO Tom Beusse, COO Joe Seibert, and CTO Joe Romello, installing Greg Osberg, CEO of media consulting firm Revlyst, as F+W’s interim CEO while a replacement is sought. After determining that a change was needed, Osberg tells Folio:, ownership decided to bring him on—as well as a team of consultants from business advisory firm FTI Consulting—in a move that’s less an indictment of existing management’s strategic plan, but rather indicative of a desire to expedite the company’s necessary transformation. Click Read More below for additional information.

Forget Digital Vs. Print — This Media Startup Lives Only In The Metaverse (mediapost.com)

The startup publisher Troo Media this week launched what it describes as the first editorial platform built for the metaverse: a brand called TrooVRS, which delivers content focused on self-care for modern male audiences.The new brand was previewed at Cannes Lions, the festival in Cannes, France, that celebrates creativity in the field of branded communications. Content will target the interests and needs of men from all backgrounds, featuring topics like relationships, work, and physical and mental health. The launch of TrooVRS coincides with Men’s Health Month in June, a designation established by Congress in 1994 and sponsored by the Men’s Health Network, a consortium of health organizations.
Back To Top
×Close search
Search