Washington Post 3Q profit up 10%
EmptyWASHINGTON -- Washington Post Co., publisher of The Washington Post, Newsweek magazine and owner of educational services provider Kaplan Inc., said Friday its third-quarter profit rose 10%, boosted by the sale of property and marketable securities and a lower tax rate.
Net income after paying preferred dividends increased to $73.1 million, or $7.60 per share, from $66.3 million, or $6.89 per share, in the year-ago period.
This year's results were impacted by a gain of $2.8 million, or 29 cents per share, from the sale of property and marketable securities. The company also recorded a charge of $6.3 million, or 65 cents per share, for goodwill impairment charge at PostNewsweek Tech Media, which is part of the magazine publishing segment.
Quarterly revenue climbed 8 percent to $946.9 million versus $873.7 million in the prior year, on growth in its education, cable television and television broadcasting divisions. Revenue fell at newspaper publishing and magazine publishing units.
Analysts polled by Thomson Financial were looking for earnings of $8.62 per share on sales of $963.5 million.
The company's shares rose $2.20 to $740 in early trading on the New York Stock Exchange.