Meredith posts higher quarterly profits
Meredith Corp. posted a 6 percent profit increase today and said higher advertising sales in its media businesses drove double-digit full-year profit growth, the Associated Press reported.
For the three months ended June 30, the company said net earnings increased to $51.5 million, or $1.05 per share, from $48.6 million, or 97 cents per share, in the same quarter a year earlier.
Net revenue increased to $428.5 million from $419.5 million a year ago. Advertising revenue rose 2.1 percent.
The company said growth in its magazine and integrated marketing businesses helped offset weakness in its Meredith Books unit.
Meredith reported a charge of 4 cents per share to restructure the books division, which will now focus on cooking, gardening, remodeling and decorating, and less on children’s books and other titles not related to the company’s core business.
For the full year, Meredith said net earnings rose 12.1 percent to $162.3 million, or $3.31 per share, from $144.8 million, or $2.86 per share.

