logo
Share SHARE
FONT-SIZE Plus   Neg

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

Editors Pick
Major League Baseball is talking expansion for the first time in a few decades. Owners stand to make a pretty penny from expansion fees and subsequent television rights. The possibility of a more balanced schedule is also enticing. Strong expansion candidates in the U.S. and Canada are ready... The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions. Oil company Exxon Mobil Corp. on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. reported a loss for the quarter, both on lower revenues. The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations.
comments powered by Disqus
Follow RTT