If the early days of 2022 have been any indication, paper shortages and rising distribution costs are challenges that the industry will likely face throughout year. The seeds of the current problems were sown in the years of the pandemic, when sales of print books unexpectedly rose, increasing demand while people were leaving manufacturing jobs in droves that led to labor shortages in the printing and papermaking businesses. Those were two of the main takeaways from last week’s webinar, “The Powerful Case for U.S. Book Manufacturing in the Face of Global Supply Chain Challenges, Paper Shortages, and Rising Distribution Costs,” moderated by Chris Lyons, president and publisher of Book Business, and featuring Jim Milliot, editorial director at Publishers Weekly; Bill Rojack, v-p of Midland Paper; and Matt Baehr, executive director at Book Manufacturers’ Institute. The program was sponsored by Canon Solutions America.
The New York Times Company (NYSE: NYT) announced today thirdquarter 2022 diluted earnings per share from continuing operations of $.22 compared with $.32 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.21 in the third quarter of 2022 compared with $.23 in the third quarter of 2021.
Operating profit increased to $51.0 million in the third quarter of 2022 from $49.0 million in the same period of 2021 as higher digital subscription revenues at The New York Times Group segment more than offset expected operating losses at The Athletic Media Company (“The Athletic”). Adjusted operating profit (defined below) increased to $69.0 million from $65.1 million in the prior year, as a result of the same drivers. Adjusted operating profit at The New York Times Group segment increased to $78.6 million from $65.1 million as digital subscription revenues more than offset lower print subscription, print advertising and other revenues. See “Key Highlights” on the following page for additional metrics.
Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “The biggest story of our third quarter was continued progress on the bundle, with mounting evidence that our strategy is working. It was our best quarter yet for bundle net additions, with a record number of starts and a record percentage of our total starts taking the bundle. As a result of our efforts, we now have more than a million bundle subscribers, well on our way to our next mile marker of 15 million subscribers by 2027.
“Our third quarter results demonstrate steady progress toward becoming the ‘essential subscription’ for every English-speaking person seeking to understand and engage with the world. We did so by advancing the three pillars of our strategy: leading in news, helping people make the most of their lives and passions, and putting those ideas together in a bundle that makes The Times indispensable in the daily lives of millions more people.
details at: https://s23.q4cdn.com/152113917/files/doc_news/2022/11/NYT-Press-Release-Q3-2022-Final-nM7GzWGr.pdf