- Meredith Corp. (MDP) has opened up 6.8% after a solid beat on top and bottom lines in its fiscal Q2 earnings, which led the company to forecast its best-ever fiscal year.
- EPS hit a record $1.58 in GAAP terms, jumping from $0.72 a year ago, and revenues rose 9%. Non-GAAP EPS rose to $1.30 from a year-ago $0.80.
- Revenue breakout: Advertising, $267.1M (up 10.6%); Circulation, $66.8M (up 0.6%); other, $108.7M (up 10.4%).
- The company reiterated its forecast for 2017 EPS (excluding special items) to be between $3.50 and $3.80 (vs. consensus for $3.69), and guided to fiscal Q3 EPS of $0.75-$0.80 (vs. $0.78 consensus), with revenues for each of Local and National Media Groups "flat to down slightly."
- Press Release