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The Times beats Street 4Q forecasts

The New York Times building in New York City.
Adam Jeffery | CNBC

The New York Times Co. on Tuesday reported fourth-quarter net income of $34.9 million.

The New York-based company said it had profit of 22 cents per share. Earnings, adjusted for one-time gains and costs, came to 26 cents per share.

The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The newspaper publisher posted revenue of $444.7 million in the period, also topping Street forecasts. Analysts expected $437.2 million, according to Zacks.

For the year, the company reported profit of $33.3 million, or 20 cents per share. Revenue was reported as $1.59 billion.

The Times shares have dropped 3.5 percent since the beginning of the year. The stock has declined roughly 10 percent in the last 12 months.

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