Meredith Earnings: Investors Cheer Double-Digit Profit Growth
Meredith Corp. (NYSE:MDP) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The double-digit profit growth is satisfying shareholders as shares are up 2.32%.
Meredith Corp. Earnings Cheat Sheet
Results: Net income increased 12.6% to $35.57 million (89 cents per diluted share) in the quarter versus a net gain of $31.59 million in the year-earlier quarter.
Revenue: Rose 9.7% to $360.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Meredith Corp. reported adjusted net income of 89 cents per share. By that measure, the company beat the mean analyst estimate of $0.85. It missed the average revenue estimate of $374.4 million.
Quoting Management:“We continued to excel at our goal of delivering compelling content to viewers across broadcast, digital and mobile media platforms,” said Local Media Group President Paul Karpowicz…