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Aug. 12, 2021, 7:24 a.m. EDT

Meredith earnings beat expectations, as digital advertising revenue jumps

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By Tomi Kilgore

Meredith Corp. /zigman2/quotes/201770619/composite MDP 0.00% reported Thursday fiscal fourth-quarter earnings that topped expectations, amid strength in digital advertising revenue which exceeded magazine revenue for the year for the first time. Share of the media company, which magazines include "PEOPLE," "Better Homes & Gardens" and "Southern Living" were still inactive in premarket trading. The company swung to net income of $36.7 million, or 74 cents a share, from a loss of 3.84 a share, in the year-ago period. The FactSet consensus for earnings per share was 48 cents. Total revenue rose 17.5% to $717.9 million, beating the FactSet consensus of $690.2 million. National Media Group revenue grew 26%, driven by 80% growth in digital advertising revenue, non-political spot advertising rose 50% and combined newsstand, subscription revenue increased 7% and licensing/digital and other consumer driven revenue rose 19%. "We delivered strong operational performance in fiscal 2021 despite the many challenges presented by the COVID-19 pandemic, ending the year in a stronger financial and competitive position than when we started," said Chief Executive Tom Harty. "Our digital businesses are delivering record performance, and our agreed sale of the Local Media Group significantly strengthens our financial position." The stock has soared 125.7% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.75% has gained 18.4%.

/zigman2/quotes/201770619/composite
US : U.S.: NYSE
$ 58.30
0.00 0.00%
Volume: 1.19M
Oct. 15, 2021 4:00p
P/E Ratio
9.30
Dividend Yield
0.00%
Market Cap
$2.58 billion
Rev. per Employee
$581,074
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/zigman2/quotes/210599714/realtime
US : S&P US
4,471.37
+33.11 +0.75%
Volume: 2.05B
Oct. 15, 2021 4:46p
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