New York Times stock soars to 15-year high after positive earnings news
Shares of New York Times Co. vaulted toward a 15-year high Thursday, after the media company reported a fourth-quarter profit that was well above expectations, hiked its dividend by 20% and paid off all its debt.
The stock, which is headed for the highest close since February 2005, has now run up 30% over the past 12 months, and has nearly tripled since the end of 2016. In comparison, the S&P 500 index SPX, +0.23% has gained 22% this year and rallied 49% since the end of 2016. Shares of fellow newspaper publishers Gannett Co. Inc. GCI, -0.31% have tumbled 53% over the past year, while McClatchy Co.’s stock MNI, -2.03% has plunged 89%.
In 2015, the company set a goal to double digital revenue to “at least $800 million” by the end of 2020. Circulation fell 10.3%, with Starbucks Corp.’s decision to discontinue the distribution of all print newspapers acting as a 2 percentage point drag.
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