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Tribune 1Q meets forecasts
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April 18, 2001: 4:31 p.m. ET
But Chicago Tribune, LA Times publisher warns 2Q EPS will fall short
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NEW YORK (CNNfn) - Newspaper publisher Tribune Co. reported lower first-quarter earnings per share Friday that matched Wall Street expectations, but it also warned its second-quarter earnings will miss forecasts badly.
The Chicago-based publisher of the Chicago Tribune and Los Angeles Times said it earned $64.9 million, or 19 cents a share, in the quarter before one-time items, down from $82.7 million, or 32 cents a share, before one-time items in the year-earlier period. Analysts expected the company to earn 19 cents a share, according to earnings tracker First Call.
"Tribune's first-quarter results reflect the impact of the continued slow-down in the U.S. economy," John W. Madigan, Tribune's chairman, president and chief executive officer, said in a statement. "We are taking aggressive actions and implementing cost-control initiatives throughout the company in response to these events."
The company's revenue actually rose in the quarter, to $1.23 billion from $724 million a year earlier.
Tribune (TRB: up $1.71 to $41.89, Research, Estimates) also warned it expected to earn 30 cents a share in the second quarter, well below analysts' consensus estimate of 41 cents. It gave no details about its expectations for the second quarter. 
- from staff and wire reports
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