Meredith Earnings: Investors Cheer Double-Digit Profit Growth
Meredith Corp. (NYSE:MDP) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The double-digit profit growth is satisfying shareholders as shares are up 2.32%.
Meredith Corp. Earnings Cheat Sheet
Results: Net income increased 12.6% to $35.57 million (89 cents per diluted share) in the quarter versus a net gain of $31.59 million in the year-earlier quarter.
Revenue: Rose 9.7% to $360.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Meredith Corp. reported adjusted net income of 89 cents per share. By that measure, the company beat the mean analyst estimate of $0.85. It missed the average revenue estimate of $374.4 million.
Quoting Management:“We continued to excel at our goal of delivering compelling content to viewers across broadcast, digital and mobile media platforms,” said Local Media Group President Paul Karpowicz…
…At the same time, we did a great job monetizing the strength of our audience, as local over-the-air television once again demonstrated its unique ability to build brands and deliver unmatched results for advertising clients.”
Revenue increased 1.82% from $354.16 million in the previous quarter. Net income increased 43.08% from $24.86 million in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.66 to a profit $0.65. For the current year, the average estimate has moved down from a profit of $2.84 to a profit of $2.79 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)