Meredith Corp. (MDP) posted an improvement in third-quarter net earnings to $29.42 million, or $0.65 per share, from $21.17 million, or $0.47 per share, last year. The recent quarter results included a special item of $5 million for professional fees and expenses related to a previously disclosed transaction that did not materialize, the company added.
Excluding special items, fiscal 2013 third quarter earnings per share amounted to $0.72. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.68 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the period rose 7 percent to $370 million, from $345.5 million a year earlier. Analysts estimated revenues of $354.43 million for the quarter.
For fiscal 2013 fourth quarter, Meredith expects earnings per share before special items to range from $0.68 to $0.73, while 6 analysts project fourth-quarter earnings of $0.74 per share.
For fiscal 2013, Meredith sees earnings per share before items to be toward the upper end of the original $2.60 to $2.95 range established at the beginning of fiscal 2013. Analysts estimate full-year earnings of $2.85 per share.
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