Tribune Profit Up 57%; Sales Flat in Quarter
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Tribune Co., the media company that publishes the Los Angeles Times, posted a 57% jump in second-quarter earnings on lower costs and said third-quarter and 2002 profit will be at the high end of analysts’ estimates as advertising declines ease.
Net income rose to $114.2 million, or 33 cents a share, including a charge of $99 million for the decline in value of the company’s investment in AOL Time Warner Inc. and a related trading instrument.
Excluding the investment loss, Tribune had a profit of 52 cents, up from 39 cents a year ago and exceeding analysts’ average estimate of 46 cents.
Shares of Chicago-based Tribune rose $2.02 to $40.56 on the NYSE.
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