Newspaper and digital media company The New York Times (NYSE: NYT) will be announcing earnings results this Wednesday before the bell. Here’s what to expect.
The New York Times beat analysts’ revenue expectations last quarter, reporting revenues of $712.2 million, up 12% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates. It reported 12.52 million subscribers, up 13.2% year on year.
Is The New York Times a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting The New York Times’s revenue to grow 9.7% year on year, in line with the 9.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. The New York Times has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at The New York Times’s peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Scholastic’s revenues decreased 6.3% year on year, missing analysts’ expectations by 7.9%, and AMC Entertainment reported revenues up 14.2%, topping estimates by 8.7%. Scholastic traded down 7.1% following the results while AMC Entertainment was up 13.4%.
Read our full analysis of Scholastic’s results here and AMC Entertainment’s results here.
Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices flat over the last month. The New York Times is up 3.1% during the same time and is heading into earnings with an average analyst price target of $83.44 (compared to the current share price of $75.55).
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