Tribune Reports Flat Operating Profit
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Tribune Co. reported flat first-quarter operating profit of 32 cents a share, 3 cents better than analysts’ forecasts, and said it expects second-quarter and full-year earnings “at the upper end of the range of analyst estimates” because advertising has begun to pick up.
The latest results exclude charges relating to the acquisition of Times Mirror, whose holdings included the Los Angeles Times. Tribune, which owns several other newspapers as well as television stations, said that including the charges, it had a net loss of $108.1 million, or 33 cents a share, compared with year-ago profit of $63.9 million, or 20 cents. Revenue fell 4.6% to $1.23 billion.
The company’s optimistic tone helped push its shares up $1.87, or 4%, to $46.95 on the New York Stock Exchange.
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