Dow Jones Likely to Fall Short of Expectations

Dow Jones & Co. expects full year pro-forma profit from operations to fall short of analysts’ estimates and sees continued weakness in advertising volume, said Peter Kann, chairman and chief executive. Kann, speaking at a PaineWebber media conference in New York after the market closed, said he expects full-year 1998 pro-forma earnings before charges to be in the range of $1.90 to $1.92 per share, compared with $1.27 last year. Dow Jones is expected to earn $1.95, according to analysts surveyed by First Call Corp. The New York-based company, which publishes the Wall Street Journal and Barron’s and owns Dow Jones Newswires, is trying to stem rising costs as it faces an expected decline in advertising revenue. Dow Jones shares rose 56 cents to $47.94.