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Upbeat Meredith boosts profit guidance for quarter, year

Mar. 21, 2017 7:39 PM ETGray Television, Inc. (GTN) StockBy: Jason Aycock, SA News Editor1 Comment
  • Meredith (MDP) has boosted its EPS outlook for fiscal Q3 and for the year, pointing to outperformance in its digital activities.
  • In Q3, it's bumped its range for EPS to $0.85-$0.87 from previous expectations for $0.75-$0.80, with stronger than expected ad performance (particularly in national and local digital). The new estimate is well above consensus expectations for $0.78.
  • For the full year, it's boosting expectations to a record $4.13-$4.18 (GAAP basis) and $3.85-$3.90 (excluding special items), up from previous guidance for $3.50-$3.80.
  • Consensus 2017 expectations are for GAAP EPS of $4.05 and non-GAAP EPS of $3.75.
  • The company notes it's still pursuing its "Total Shareholder Return" program, with ongoing dividend increases, strategic investments and share buybacks (the company has $75M in authorization currently remaining).
  • Shares are flat in after-hours action today.

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