Newspaper and digital media company The New York Times (NYSE:NYT) will be announcing earnings results tomorrow before market open. Here’s what to expect.
The New York Times met analysts’ revenue expectations last quarter, reporting revenues of $625.1 million, up 5.8% year on year. It was a satisfactory quarter for the company, with a decent beat of analysts’ earnings estimates. It reported 10.84 million total subscribers, up 9.7% year on year.
Is The New York Times a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting The New York Times’s revenue to grow 7.1% year on year to $641 million, slowing from the 9.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.41 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. The New York Times has missed Wall Street’s revenue estimates four times over the last two years.
Looking at The New York Times’s peers in the consumer discretionary segment, some have already reported their Q3 results, giving us a hint as to what we can expect. fuboTV delivered year-on-year revenue growth of 20.3%, beating analysts’ expectations by 2.5%, and Scholastic reported revenues up 3.8%, topping estimates by 1.6%. Scholastic traded up 6% following the results.
Read our full analysis of fuboTV’s results here and Scholastic’s results here.
Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices up 1.9% on average over the last month. The New York Times is up 4.2% during the same time and is heading into earnings with an average analyst price target of $56.75 (compared to the current share price of $56.83).
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