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

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