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The New York Times Company (NYT) continued its decent performance in the second quarter of 2024. The company's adjusted earnings per share came in at 45 cents, which surpassed the Zacks Consensus Estimate of 40 cents. The figure marked an increase from the year-ago adjusted earnings of 38 cents a share. Total revenues of $625.1 million came ahead of the Zacks Consensus Estimate of $623 million and increased 5.8% year over year. The company added approximately 300,000 net digital-only subscribers compared wi ...

Financial Performance - Total revenues for Q2 2024 reached $625.1 million, a 5.8% increase from $590.9 million in Q2 2023[14] - Subscription revenues increased to $439.3 million in Q2 2024, up 7.2% from $409.6 million in Q2 2023[14] - Net income for the first six months of 2024 was $106.0 million, compared to $68.9 million for the same period in 2023, representing a 53.5% increase[14] - Operating profit for Q2 2024 was $79.4 million, a 42.3% increase from $55.8 million in Q2 2023[14] - Basic earnings per share for Q2 2024 were $0.40, up from $0.28 in Q2 2023, reflecting a 42.9% increase[14] - Total revenues for the first six months of 2024 were $1.22 billion, a 5.9% increase from $1.15 billion in the same period of 2023[35] - Total adjusted operating profit for the first half of 2024 was $180.8 million, a 23.7% increase from $146.1 million in the same period of 2023[82] Assets and Liabilities - Total assets decreased to $2.67 billion as of June 30, 2024, down from $2.71 billion as of December 31, 2023[9] - Total current liabilities decreased to $543.1 million as of June 30, 2024, compared to $611.6 million as of December 31, 2023, a reduction of 11.1%[12] - Cash and cash equivalents decreased to $222.9 million as of June 30, 2024, down from $289.5 million as of December 31, 2023[9] - Total stockholders' equity as of June 30, 2024, was $1,804,986,000, up from $1,607,220,000 as of June 30, 2023, reflecting a growth of 12.3%[23] - The company’s total liabilities decreased from $1,607,220,000 as of June 30, 2023, to $1,804,986,000 as of June 30, 2024, reflecting a reduction of 12.3%[23] Cash Flow and Dividends - Cash provided by operating activities for the six months ended June 30, 2024, was $133,310,000, compared to $119,782,000 for the same period in 2023, representing an increase of 11.3%[25] - The company declared dividends of $0.13 per share in Q2 2024, compared to $0.11 per share in Q2 2023[14] - Dividends paid in the first half of 2024 totaled $40,032,000, compared to $33,195,000 in the same period of 2023, indicating an increase of 20.5%[25] Revenue Streams - Subscription revenues for Q2 2024 reached $439.3 million, accounting for 70.3% of total revenues, compared to $409.6 million (69.3%) in Q2 2023[35] - Digital-only subscription revenues increased to $304.5 million (69.3% of total subscription revenues) in Q2 2024, up from $269.8 million (65.9%) in Q2 2023[35] - Advertising revenues for Q2 2024 were $119.2 million, representing 19.1% of total revenues, slightly up from $117.8 million (19.8%) in Q2 2023[35] - Digital advertising revenues grew to $79.6 million (66.8% of total advertising revenues) in Q2 2024, compared to $73.8 million (62.7%) in Q2 2023[36] Stock and Compensation - The company repurchased 911,551 Class A shares in the first half of 2024, costing $42,266,000, compared to repurchases of 1,161,017 shares for $43,591,000 in the same period of 2023[25] - Total stock-based compensation expense for Q2 2024 was $17.034 million, an increase of 28.1% from $13.253 million in Q2 2023[78] - Stock-based compensation expense increased to $32,890,000 for the six months ended June 30, 2024, from $24,153,000 in the same period of 2023, marking a rise of 36.1%[25] Legal Matters - The company is involved in various legal actions, including a lawsuit against Microsoft and OpenAI for copyright infringement, seeking monetary and injunctive relief[85] - The company recorded $2,000,000 in litigation-related costs in Q2 2024 related to a lawsuit against Microsoft and OpenAI[57] Taxation - Income tax expense for the second quarter of 2024 was $21.5 million, an increase from $14.4 million in the second quarter of 2023, reflecting a rise of approximately 49.3%[69] - The effective tax rate for the second quarter of 2024 was 24.7%, compared to 23.6% in the same quarter of 2023[69] Pension and Severance - The net periodic pension cost for the second quarter of 2024 was reported as $2,101,000, compared to a cost of $(144,000) for the same period in 2023, indicating a significant increase[67] - The company recognized severance costs of $5,900,000 for the first six months of 2024, an increase from $4,500,000 in the same period of 2023[55] - As of June 30, 2024, the company had a severance liability of $7,200,000, up from $4,400,000 as of December 31, 2023[56] Market Outlook - The company expects to recognize approximately $47 million, $78 million, and $31 million from remaining performance obligations in 2024, 2025, and thereafter through 2028, respectively[37] - The company expects to make contractual contributions of approximately $12 million to the pension plan in 2024, which exceeds the minimum funding requirements[67]

Key TakeawaysThe New York Times Co. on Wednesday reported second-quarter revenue and profit that beat analysts' estimates.The media outlet topped 10 million digital subscribers and reported digital advertising revenue rose 7.8% year-over-year.Shares rose more than 5% in intraday trading. Shares of the New York Times Co. (NYT) surged in intraday trading Wednesday after the media outlet's second-quarter results beat estimates as its surpassed 10 million digital subscribers for the first time. The Times report ...

For the quarter ended June 2024, New York Times Co. (NYT) reported revenue of $625.1 million, up 5.8% over the same period last year. EPS came in at $0.45, compared to $0.38 in the year-ago quarter.The reported revenue represents a surprise of +0.35% over the Zacks Consensus Estimate of $622.92 million. With the consensus EPS estimate being $0.40, the EPS surprise was +12.50%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determin ...

Second Quarter 2024 Earnings Presentation August 7, 2024 Times Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Terms such as "aim," "anticipate," "believe," "confidence," "contemplate," "continue," "conviction," "could," "drive," "estimate," "expect," "fore ...

New York Times Co. (NYT) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.38 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.50%. A quarter ago, it was expected that this newspaper publisher would post earnings of $0.18 per share when it actually produced earnings of $0.31, delivering a surprise of 72.22%.Over the last four quarters ...

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, "It was a strong second quarter for The Times – one in which we made further progress on the path to grow our subscriber base and become the essential subscription for every curious person seeking to understand and engage with the world. The combination of our world-class news destination plus market-leading lifestyle products means we have complementary offerings in big spaces, each with multiple growth levers f ...

The New York Times logo is seen on the building in New York City, United States on October 27, 2022. ... [+] (Photo by Jakub Porzycki/NurPhoto via Getty Images)NurPhoto via Getty ImagesNew York Times’ stock (NYSE: NYT), a diversified media company that includes newspapers, internet businesses, television, and radio stations, is scheduled to report its Q2 2024 results on Wednesday, August 7. We expect NYT stock to likely trade lower with revenues and earnings missing consensus expectations marginally for its ...

mbbirdy/iStock Unreleased via Getty Images Dating back to 1851, The New York Times Company (NYSE:NYT) is one of the oldest and most iconic companies in the world. Over its life, it has become a major news organization worth billions of dollars. Many years ago, there were concerns about its ability to remain competitive as more news shifted from the traditional newspaper format to online, and as we saw a proliferation of free news content. But management has done a fantastic job of adapting, turning the p ...