By Chris Wack
New York Times said its board of directors has approved a 5 cent a share increase to its quarterly dividend, and a $350 million share repurchase program, which is in addition to the $155.7 million left in its previous authorization.
The company declared an 18 cent a share dividend Wednesday, payable on April 17, to shareholders of record as of April 1.
For the year, New York Times will pay a dividend of 72 cents a share, which works out to a 1.4% dividend yield.
The company reported fourth-quarter earnings of $123.7 million, or 75 cents a share, on revenue of $726.6 million. Analysts polled by FactSet were looking for earnings of $123.9 million, or 74 cents a share, on revenue of $726.8 million.
Adjusted earnings were 80 cents a share, compared with the 75 cents a share analysts were expecting.
New York Times shares were down 11% to $50.01 in midmorning trade.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 05, 2025 10:45 ET (15:45 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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