Another leap in revenues seen for Meredith Corp.
Meredith Corp. is expected to report 28 percent revenue growth when it announces fiscal first-quarter results Oct. 24, topping the list of likely results for Central Iowa’s publicly owned companies. The Des Moines-based media company is expected to report $369 million in revenues compared with $289 million a year ago. Earnings per share are forecast to increase from 50 cents to 51 cents.
Meredith, which publishes magazines and books and owns 14 TV stations, bought five magazines from Gruner+Jahr for $350 million at the start of the quarter. Speaking at a New York investor conference in September, Chairman and CEO William Kerr called the deal “the most significant publishing transaction in the 103-year history of the company.”
Kerr also hinted at future acquisitions, saying some of Meredith’s competitors “are in very weakened situations. There are also some that have ownership characteristics, be they family or venture capital, that will cause some of those assets to come into play at some particular time in the future. Our objective always has been to have our portfolio in the best shape so that our board would feel comfortable and we would feel comfortable about taking on those opportunities.”
Here’s a summary of expected earnings report dates for other Central Iowa-based companies and summaries of some recent activity.
American Equity Investment Life Holding Co. will announce its third-quarter earnings after the markets close Nov. 1. The West Des Moines-based annuity provider has already reported record third-quarter annuity sales of $739 million, bringing year-to-date sales to $2.2 billion, which surpasses its total for all of 2004.
Two analysts estimate American Equity will report revenue growth of 25 percent — $157 million compared with $125 million year ago. Estimates call for 38 percent growth in earnings per share, from 26 cents a year ago to 36 cents in the latest quarter.
AmerUs Group Co. will release third-quarter earnings after the markets close Oct. 24. The consensus of six analysts is that the life insurance and annuity company will report earnings per share of $1.14, an increase of 10 percent from the year-ago figure of $1.04.
According to Thomson One Analytics, company insiders have been selling AmerUs shares rather than buying; over the past six months, insiders have sold about 156,000 shares and bought about 1,000 shares.
EMC Insurance Group Inc. is scheduled to announce third-quarter results Oct. 27. One analyst predicts 22 percent revenue growth from $96 million a year ago to $117 million. Three analysts estimate earnings per share of 35 cents compared with 10 cents a year ago, which would be an increase of 250 percent.
EMC has estimated its losses from Hurricane Rita to be $4.7 million, or 23 cents a share. The company also said Midwest hailstorms in September will cost an estimated $1.6 million, or 8 cents a share. EMC lowered its estimate for after-tax losses associated with Hurricane Katrina to $4.3 million, or 20 cents a share.
Over the past six months, company insiders have purchased about 412,600 shares and sold about 18,600.
FBL Financial Group Inc. is expected to report its third-quarter earnings Nov. 7, and one analyst forecasts 16 percent revenue growth with an increase from $158 million a year ago to $183 million. Four analysts foresee earnings per share of 52 cents compared with 49 cents a year ago.
In a five-day span from Aug. 29 to Sept 2, Chief Executive Officer William Oddy bought about 42,000 shares of FBL stock through options at prices ranging from $15.50 to $19.50 per share, and sold about 32,700 shares at about $30 per share.
Maytag Corp., in the midst of finalizing its proposed sale to Whirlpool Corp., will report its third-quarter earnings Friday. One analyst predicts revenues of $1.26 billion, 6 percent higher than the year-ago figure of $1.19 billion. The consensus of five analysts is that the Newton-based appliance maker will report a loss of 2 cents per share compared with a 15-cent profit a year ago.
Last week, the antitrust division of the U.S. Department of Justice requested additional information and documentary material regarding the proposed Whirlpool-Maytag deal.
Principal Financial Group Inc. will release third-quarter financial and operating results after the markets close Oct. 31. Analysts predict a 5 percent increase in revenues, from $2.09 billion a year ago to $2.2 billion. Earnings per share are also seen as rising 5 percent; they were 66 cents per share a year ago and are expected to be 69 cents for the quarter just ended.
During the quarter, Principal entered into a joint venture agreement with China Construction Bank to market mutual funds in the People’s Republic of China. CCB-Principal Asset Management Co., Ltd. will be 65 percent owned by China Construction Bank, 25 percent owned by Principal and 10 percent owned by China Huadian Group. The company will have its headquarters in Beijing.
Sauer-Danfoss Inc. is expected to report 12 percent revenue growth for its third quarter when it announces earnings Nov. 1 after markets close. The German-controlled company with corporate headquarters in Ames is predicted to report revenues of $365 million compared with $325 million one year ago. Earnings per share are also in line for a 12 percent rise, from 16 cents a year ago to 18 cents.
Sauer-Danfoss paid a quarterly dividend of 12 cents per share on Oct. 14, the company’s 30th consecutive quarterly dividend since its initial public offering in May 1998.
The maker of hydraulic systems and components is seeking approval from the Frankfurt Stock Exchange to delist its shares while maintaining its primary listing in New York. That change is expected to take place by the end of the year.
West Bancorporation Inc. the parent company of West Bank and WB Capital Management Inc., planned to report its third-quarter results today, Oct. 17.
The company reported net income of $5 million, or 30 cents per share, for the second quarter of 2005, compared with $4.6 million, or 27 cents per share, for the second quarter of 2004. Year-to-date as of June 30, net income was $9.8 million, or 59 cents per share, compared with $8.8 million, or 52 cents per share, for the first half of 2004.