Meredith earnings improve as it absorbs acquisition of Time Inc.
Meredith Corp. reported earnings from continuing operations of $28 million and total company revenues of $743 for the third quarter of its fiscal year, according to a release. Earnings were up from a loss of $95 million a year ago, while revenues rose 14%. Results continue to reflect the acquisition of Time Inc., with Meredith reporting after-tax special items of $15 million, a substantial drop from $128 million a year ago. Excluding special items, earnings increased 29% to $43 million. “We remain focused on successfully integrating our acquisition of Time and have already delivered on a majority of the stated synergies,” Meredith President and CEO Tom Harty said in a statement. “As a result, we believe it will take longer than originally anticipated to achieve the remainder of the synergies due to investment spending to grow the business; retaining certain employees longer than anticipated to ensure business continuity; and operating the assets held for sale longer than expected. However we remain confident we will achieve our $550 million cost synergy goal by the end of fiscal 2020.” Click here to view the full earnings release.