logo
Plus   Neg
Share
Email
Comment

Meredith Q4 Profit Up, Tops Estimates; Sales Miss; Guides FY Earnings Above View

Magazine publisher Meredith Corp. (MDP) Thursday reported a rise in fourth-quarter net earnings, helped by lower income taxes which offset a weak revenue growth that stemmed mainly from decline in national advertising. Earnings also beat analysts' estimates, while revenues fell short.

In addition, the company issued guidance for fiscal 2015 earnings above Street View.

For the three months to June, net earnings grew to $40.44 million or $0.89 per share, from $33.8 million or $0.75 per share a year earlier.

Excluding certain items earnings totaled $39.9 million or $0.88 per share. On average, four analysts polled by Thomson-Reuters estimated the company's earnings to be $0.85 for the quarter. Analysts' estimates typically exclude one-time items.

EBITDA totaled $74.09 million, compared with $69.39 million in the same period last year.

Total revenues advanced to $390.79 million, from $386 million last year, but were below the $396.67 million Wall Street expected.

Total traffic to Meredith's websites increased to an average of over 60 million unique visitors per month, while magazine readership totals 110 million.

Meredith expects annual earnings of $3.00 to $3.25 per share, while analysts expect $2.76.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After months of bickering, Aurora Cannabis and CanniMed Therapeutics are moving close to a game-changing merger in Canada's red-hot marijuana sector. The big hangup was Aurora's insistence that CanniMed not overpay for smaller rival NewStrike. However, Aurora in its urgency to get the deal done... Budweiser, which has been reigning as the 'king of beers' is now number 4 in sales in U.S. Budweiser lost to Miller Lite in 2017, according to Beer Marketer's Insights, the publication focused on beer industry statistics. Activist investor Bill Ackman's hedge fund Pershing Square Capital Management L.P. is cutting ten employees from its workforce, according to media reports, citing people with knowledge of the matter. The job cuts on Friday have reportedly brought the New York-based company's head count down to 46 and were mostly in the hedge fund's back-office and support staff.
comments powered by Disqus
Follow RTT