AABP Award 728x90

Meredith’s operating earnings more than double in fiscal Q2


Meredith Corp. recently reported second-quarter earnings from continuing operations of $149 million, more than double the comparable prior-year period. Fiscal 2021 second quarter cash flow from operations and free cash flow each more than doubled to $183 million and $174 million, respectively, from the prior-year period. The Des Moines-based media company benefited from record revenues, lower employee-related items and lower restructuring payments. Meredith had cash and cash equivalents of $379 million as of Dec. 31, up from $201 million at Sept. 30, and maintained a zero balance on its $350 million revolving credit facility. Net debt reduction remains Meredith’s No. 1 priority. “We continue to benefit from the strength and durability of our diversified portfolio of brands and businesses,” Chairman and CEO Tom Harty said. “We are excited to serve our consumers with high-quality content from brands they can trust, and we are continually evolving our premium content and distribution to reach consumers where they are, leading to heightened engagement and stronger results for our advertising and marketing clients.”

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