Meredith ends fiscal year on high note; digital delivers record performance
Meredith Corp. on Thursday reported fiscal fourth-quarter earnings that topped expectations, amid strength in digital advertising revenue — which exceeded magazine revenue for the year for the first time, MarketWatch reported. The Des Moines-based media company swung to net income of $36.7 million for the fourth quarter, or 74 cents a share, from a loss of $3.84 a share in the year-ago period. Total quarterly revenue rose 17.5% to $717.9 million, beating consensus estimates of $690.2 million. “We delivered strong operational performance in fiscal 2021 despite the many challenges presented by the COVID-19 pandemic, ending the year in a stronger financial and competitive position than when we started,” said CEO Tom Harty. “Our digital businesses are delivering record performance, and our agreed sale of the Local Media Group significantly strengthens our financial position.” Meredith’s share price has soared 125.7% year to date, while the S&P 500 has gained 18.4%.