h digitalfootprint web 728x90

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.

Facebook Notice for EU! You need to login to view and post FB Comments!

uofitippie web 030123 300x250