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Meredith Slips To Loss In Q3; Results Miss View

Meredith Corp. (MDP) reported that its third-quarter net loss was $284.4 million or $6.65 per share compared to net income of $23.7 million or $0.10 per share in the prior year.

Loss from continuing operations was $289 million in the third quarter of fiscal 2020. The loss was due primarily to non-cash impairments of goodwill and intangible assets of $296 million as well as lease-related assets exited as part of ongoing synergy activities of $88 million.

Earnings from continuing operations before special items were $0.49 compared to $0.52 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.10 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $152 million, compared to $161 million in the prior year, hurt primarily by COVID-19-related declines in advertising, partially offset by increased political advertising.

Quarterly revenues were $702 million, a decline of 6 percent from the prior year period, due primarily to previously announced magazine portfolio adjustments to improve profitability that reduced advertising and consumer related revenues by a total of $40 million and COVID-19 related advertising cancellations and delays that reduced revenues by $17 million. The changes were partially offset by $10 million of incremental broadcasting political advertising revenues compared to the prior year period. Analysts expected revenues of $720.83 million for the third-quarter.

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