Notwithstanding the success of the Time Inc. acquisition, "we begin fiscal 2020 at a lower profit point than originally expected," says CEO Tom Harty.
"In addition, we are planning strategic investments to further strengthen our performance and maximize shareholder value over time. Both of these factors contribute to a reset of our financial expectations in the outlook we're providing," he adds.
For Q1, it sees revenues of $730M-$76M and EPS of $0.88-$0.93, vs. consensus EPS of $1.45. For the full year, it's forecasting revenues of $3B-$3.2B and EPS of $5.75-$6.20, light of consensus for $6.95.
In Q4, revenues dipped to $786M from $799M but topped expectations, and the company swung to an operating loss of $4M from a year-ago gain of $17M.
EBITDA grew 6% to $169M and EPS grew to $179 from $1.31.
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