Dow Jones posts higher earnings, revenue

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New York—Dow Jones & Co. Thursday reported it earned 41 cents per diluted share during the second quarter, compared with 38 cents per diluted share in the year-earlier quarter.

Revenue rose 11.2% to $437.8 million and operating income was up 5.8% over last year’s second quarter to $56.3 million.

The U.S. Wall Street Journal advertising linage increased 3.3%, while linage at the international editions of the Journal increased 6.9%. Barron’s advertising pages increased 21.1% in the quarter.

Electronic publishing revenue increased 20.2% and operating income rose 42.7% from the same period last year, driven by the acquisitions of Alternative Investor Group in March and vwd, a German business wire, in April.

"We still see inconsistent trends in monthly Wall Street Journal advertising and ad levels, and results remain well below what we consider normal levels," Peter R. Kann, Dow Jones’ chairman-CEO, said in a statement.

The company said it expects earnings per share before special items in the third quarter to be about 20 cents per share, compared with 14 cents per share in the third quarter of 2003. Third-quarter 2004 ad linage at the U.S. Wall Street Journal is expected to increase in the low single digits over the third quarter of 2003.

—Sean Callahan

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