Meredith (MDP) Q2 Earnings Beat Estimates, Revenues In Line
Zacks Investment Research | Jan 31, 2018 09:07PM ET
Meredith Corporation (NYSE:MDP) , which completed the acquisition of Time Inc., reported better-than-expected second-quarter fiscal 2018 earnings, surpassing the Zacks Consensus Estimate. However, the company’s top line came almost in line with the consensus estimate, after a miss in the previous quarter. Results gained from solid growth in non-political ad revenues at the company’s local media group segment as well as sturdy digital performance and robust expense discipline in its national media group.
Q2 Highlights
Meredith posted adjusted earnings per share of $1.14, outpacing the consensus mark of 91 cents. This marked the third straight quarter of positive earnings surprise. However, the bottom line declined 12.3% year over year. In the prior-year quarter, the metric gained from incremental political advertising revenues of 52 cents per share.
Meanwhile, including transaction costs of 23 cents per share associated with Time Inc. buyout, gain of $2.92 due to latest tax reform and an impairment charge of 34 cents, this Zacks Rank #3 (Hold) company recorded earnings of $3.49 per share versus $1.58 in the year-ago quarter.
Meredith Corporation Price, Consensus and EPS Surprise
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