The New York Times Company announced third quarter 2021 diluted earnings per share from continuing operations of $.32 compared with $.20 in the same period of 2020. Adjusted diluted earnings per share from continuing operations (defined below) was $.23 in the third quarter of 2021 compared with $.22 in the third quarter of 2020. Operating profit increased to $49.0 million in the third quarter of 2021 from $39.6 million in the same period of 2020 and adjusted operating profit (defined below) increased to $65.1 million from $56.5 million in the prior year, as higher subscription, advertising and other revenues more than offset higher costs.

Keep US Posted — a nonprofit advocacy group of consumers, nonprofits, newspapers, greeting card publishers, magazines, catalogs and small businesses — is calling attention to new analysis, which shows that U.S. Postal Service’s practice of raising mailing rates every six months is based on flawed economic forecasting that greatly underestimates the rate hikes’ impact on lost mail volume. The report, which was commissioned by the Greeting Card Association and the Association for Postal Commerce (PostCom), has been published just weeks before USPS is expected to ask the Postal Regulatory Commission to approve the sixth stamp hike in just two years, likely occurring in July. According to the report, USPS is basing stamp hikes on a demand model which underestimates the elasticities (or price sensitivity) of its consumers —relying too heavily on historical data, among other issues.

Sales were flat at $433.6 million compared to the same period last year. Sales and adjusted sales for the third quarter of 2023 include $6.3 million of sales related to gift card redemptions in connection with recall remedies. Our 2023 results have been materially adversely impacted by the stop sale of the soft coolers included in the recalls initiated during the first quarter of 2023. Gross profit increased 13% to $251.3 million, or 58.0% of sales, compared to $222.4 million, or 51.3% of sales, in the third quarter of 2022. Gross profit included a $0.8 million, or 20 basis points, favorable impact related to lower than anticipated recall-related costs. The increase in gross margin was primarily due to lower inbound freight costs and lower product costs. Operating income decreased 10% to $61.9 million, or 14.3% of sales, compared to $68.5 million, or 15.8% of sales during the prior year quarter. Net income decreased 6% to $42.7 million, or 9.8% of sales, compared to $45.5 million, or 10.5% of sales in the prior year quarter; Net income per diluted share decreased 6% to $0.49, compared to $0.52 in the prior year quarter.