Meredith profit rises
Meredith Corp. announced today that its profits increased 11.5 percent in its third fiscal quarter on strong advertising revenue in its publishing segment and online revenue growth, the Associated Press reported.
Net income climbed to $45.3 million, or 92 cents per share, for the three months ended March 31 compared with $40.6 million, or 80 cents per share, in the year ago period.
Core earnings for the current quarter, which exclude the effect of a tax settlement and special items, were $43.6 million, or 88 cents per share.
Revenues for the quarter rose 3.8 percent to $409.8 million from $394.9 million, missing Wall Street’s estimate of $425.4 million.
Publishing revenues increased to $330.4 million from $319 million, with advertising revenue for the segment climbing 7 percent on growth at Better Homes and Gardens, More and Family Circle magazines and Meredith’s special interest publications.
Broadcasting revenue rose to $79.4 million from $75.9 million.
“Our ongoing efforts to aggressively build our online presence and capabilities enabled us to double online revenues compared to the prior-year quarter,” said Stephen Lacy, Meredith’s president and CEO.