Tribune Publishing, the parent company of the Los Angeles Times and Chicago Tribune, on Tuesday reported lower second-quarter earnings that exceeded Wall Street estimates.
The company posted a profit of $3 million, compared with $15 million in the year-ago period. Adjusted earnings fell from $25 million to $11 million. Second-quarter revenue fell 4.5 percent to $410 million as advertising revenue dropped 6.9 percent. Operating expenses declined 1.5 percent.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), another metric of profitability, came in at $38 million, marking a slight increase from the year-ago period, with the company citing “accretive acquisitions and significant progress on in-year expense reductions.”
“We continued to make progress on our five-point transformation plan in the second quarter,” said CEO Jack Griffin. “Our adjusted EBITDA results for the period reflect significant cost-management initiatives, which we plan to continue in the second half of the year, and strong revenue diversification efforts, with meaningful growth in our digital marketing services and content syndication businesses.”
He added: “While there is still much work to be done, our entire company is committed to our transformation plan to create shareholder value and to help us further develop engaging experiences for consumers and our marketing partners.”
