The company’s net fell 8 percent for the 2nd quarter against last year, but last year was an election year, and apparently analysts aren’t bothered. Here’s the topline from the AP report:
Belo Corp., publisher of The Dallas Morning News, on Friday said its second-quarter profit fell 8 percent, hurt by lower television revenue that offset slightly higher newspaper advertising sales.
Quarterly earnings fell to $41.9 million, or 36 cents per share, from $45.6 million, or 39 cents, the year before. Results met the profit estimate from analysts surveyed by Thomson Financial.
Net operating revenue totaled $388.8 million, down slightly from $391.1 million a year earlier and below the $392.1 million targeted by Wall Street. Belo blamed the revenue shortfall on the absence of significant political revenue at its television stations.
Belo’s shares rose 21 cents to $23.94 in morning trading on the New York Stock Exchange.
The company maintained expectations for annual earnings of $1.17 to $1.24 per share on sales of $1.52 billion to $1.6 billion. Analysts currently see $1.20 per share on $1.52 billion of sales.
