New York Times: Q2 Subscriber Growth Fueled By Multiple Products; Subscription Revenues Up 7.3%

(RTTNews) - (Adds Q2 business highlights, Q3 Guidance)

The New York Times Company (NYT) said continued execution of the company's strategy is driving healthy financial results. The cmpany added 300,000 digital-only net new subscribers in the second quarter, bringing the total subscriber count to 10.84 million. Total digital-only ARPU grew 2.1% year-over-year. Adjusted operating profit or AOP grew 13.6% yearover-year to approximately $105 million. AOP margin increased approximately 110 basis points year-over-year to 16.7%.

Second quarter total subscription revenues grew 7.3% year-over-year as growth from digital was partially offset by print declines. Total advertising revenues increased 1.2% year-over-year.

The New York Times Company said it continues to generate healthy and growing free cash flow and aims to return at least 50% of free cash flow to shareholders over the mid-term.

For the third quarter, the company projects: digital-only subscription revenues to increase 12 - 15%; total subscription revenues to increase 7 - 9%; Digital advertising revenues to increase high-single-digits; and total advertising revenues, flat to increase low-single-digits.

Q2 Results:

The company's second quarter bottom line totaled $65.54 million, or $0.40 per share. This compares with $46.57 million, or $0.28 per share, in last year's second quarter. Adjusted earnings per share was $0.45 compared to $0.38. Analysts on average had expected the company to earn $0.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Revenue for the quarter rose 5.8% to $625.10 million from $590.85 million last year.

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