Washington Post Profits Surge on Education Growth

The Washington Post Co. is reporting a surge in second-quarter earnings, helped by a big jump in profits at its education division and lower expenses.

The company, which is selling Newsweek magazine as it pulls back from its traditional identity as a publisher, has relied for several years now on the Kaplan education business for growth.

Kaplan delivered again in the second quarter with a 15 percent increase in revenue and an 88 percent jump in operating profit.

Overall, the Post Co. reported net income of $91.9 million, or $10 per share, for the three months ended July 4. That’s up from $12.2 million, or $1.30 per share, a year ago, when the company absorbed $56.8 million in expenses tied to an early retirement program at the namesake newspaper.

It says revenue climbed 11 percent to $1.2 billion.

WASHINGTON (AP)