Meredith (NYSE:MDP) is up 6.9% after doubling EBITDA and nearly doubling revenues in a Q1 following a fiscal year marked by asset transformation.
Ad-related revenues more than doubled, and total revenues were up 93%.
Earnings from continuing operations fell to $16M from $33M, which includes $14M of special items tied to restructuring and integration. Excluding special items, earnings were $30M vs. a year-ago $31M.
Political ad demand hit a record in the Local Media Group, while the ad picture continued to improve in National Media.
It's still looking to cut debt by $1B in fiscal 2019.
Revenue by segment: National Media, $542.9M (up 127%); Local Media, $214.4M (up 39.4%).
Revenue by type: Advertising related, $422.7M (up 102%); Consumer related, $301.2M (up 101%); Other, $32.8M (down 3.5%).
Operating profit by segment: National Media, $17.6M (down 36%); Local Media, $67.5M (up 67.5%).
For Q2, it's guiding to revenues of $850M-$870M, earnings from continuing operations of $78M-$85M, and EBITDA of $215M-$225M.
For the full year, it's reiterating a forecast for revenues of $3B-$3.2B, earnings for continuing operations of $2.49 to $2.91 per share (excluding special items, $2.78-$3.20/share) and EBITDA of $720M-$750M.
Previously: Meredith beats by $0.24, beats on revenue (Nov. 07 2018)
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