MW As NY Times adds subscribers, company splits bounty with shareholders
By Steve Gelsi
Media company's Q4 subscribers reach 11.43 million, while it hikes its dividend by 38% and sets stock buyback
The New York Times Co. boosted its quarterly dividend by 38% as it split the bounty of its quarterly subscription growth with its shareholders.
The New York Times stock $(NYT)$ rose 3% after it said it would hike its quarterly dividend by 5 cents a share to 18 cents a share and buy back up to $350 million in stock, as subscribers surged.
New York Times Chief Executive Meredith Kopit Levien said the company has "confidence that we can deliver another year of healthy growth in subscribers, revenue and profitability."
The news gathering, recipe and word game company said it added 350,000 net digital-only subscribers during the fourth quarter, to bring its total to 11.43 million. Digital-only subscribers of 10.82 million narrowly beat the FactSet consensus estimate of 10.81 million.
Adjusted operating profit margin increased by 0.7% to 23.5%.
Fourth-quarter adjusted earnings of 80 cents a share beat the FactSet consensus estimate of 75 cents a share, while revenue of $726.6 million was just shy of the analyst expectation of $726.8 million.
-Steve Gelsi
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(END) Dow Jones Newswires
February 05, 2025 08:48 ET (13:48 GMT)
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