Tribune Publishing revenue falls 5% on ad sales decline
Shares of Tribune Publishing (TPUB) fell 2.4% Wednesday after the journal publishing house reported a 75% initial entertain benefit decrease stemming from rising interest and reorder costs and continuously declining advertising sales.
The Chicago-based company, that owns Los Angeles Times and Chicago Tribune, reported $2.5 million in net income, down from $11.8 million generated by the comparable corporate entity a year ago. In August, Tribune Media spun off the publishing commercial operation to concentration on the TV operations.
Earnings per share of Tribune Publishing totaled 10 cents vs. 34 cents estimated by an researcher queried by Zacks Investment Research.
The stock fell 40 cents to finish the day at $16.00.
Revenue declined 5% to $396.2 million as a assuage benefit in dissemination income wasn’t sufficient to equivalent sluggish demand for imitation advertising.
Advertising sales fell 5.7% to $219.8 million.
Circulation income rose 1.8% to $109.3 million on the strength of the digital operations. Total digital income rose 6.6% to $49 million. And digital-only subscribers totaled 67,000 as of the finish of the initial quarter.
Total handling losses fell 2.6% to $385.3 million. But the seductiveness responsibility of $5.9 million ate into the bottom line.