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Dow Jones reports higher revenue, operating profit

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New York—Despite weak results at its flagship Wall Street Journal, Dow Jones & Co. Thursday posted third-quarter revenue of $394.9 million, up 5% from the year-earlier period.

Operating income grew 21.5% to $20.4 million. Operating margins improved to 5.2%, up from 4.5% in last year’s third quarter.

Dow Jones said the results were driven primarily by improved revenue, profit and margins at its electronic publishing unit and at Ottaway Community Newspapers.

"Our results were negatively affected by very weak technology advertising, which led to a 6% decline in ad linage at The Wall Street Journal in the quarter, after four consecutive quarterly gains," Peter R. Kann, Dow Jones chairman-CEO, said in a statement.

Dow Jones also said it expects earnings per share before special items in the fourth quarter to be up slightly over the 43 cents per share earned in the fourth quarter of 2003. This assumes fourth-quarter linage at the U.S. Wall Street Journal will be down slightly compared with the fourth quarter of 2003.

—Sean Callahan

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