New York Times Co.'s second-quarter earnings climbed 84% on a tax benefit and lower operating costs, though advertising revenue fell 30%. Even without the gain, the company posted a surprise profit.
Chief Executive Janet Robinson noted the rate of the ad decline slowed in the quarter and Times Co. expects it to moderate slightly in the current quarter. The newspaper publisher's operating costs declined 20% as it continues its restructuring effort.
Times Co. reported a profit of $39.1 million, or 27 cents a share, compared with a prior-year profit of $21.1 million, or 15 cents a share. Excluding items, earnings were down at 8 cents from 26 cents. Revenue decreased 21% to $584.5 million.
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