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Meredith Updates 2019 Outlook

Meredith Corp. (MDP) said that it now expects adjusted earnings per share for 2019 to be in the range of $6.92 to $7.07, compared to the prior estimation of $6.89 to $7.31 per share.

Meredith now expects full-year fiscal 2019 earnings from continuing operations to a range of $172 million to $180 million or $2.07 to $2.25 per share, including a net after-tax charge of $32 million for special items in the first nine months. Previously it expected annual earnings from continuing operations to be in the range of $187 million to $207 million, or $2.40 to $2.82 per share, including a net after-tax charge for first half special items of $18 million.

Total company revenues for fiscal 2019 is now expected to be in the range of $3.12 billion to $3.16 billion, compared to its original range of $3.0 billion to $3.2 billion.

Analysts polled by Thomson Reuters expected the company to report earnings of $3.88 per share and revenues of $3.08 billion for 2019. Analysts' estimates typically exclude special items.

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