Meredith Corp., the Des Moines, Iowa-based magazine publishing company that also owns 14 television stations, said Tuesday its fiscal third-quarter profit jumped more than 15 percent to $40.5 million, or 80 cents a share, compared with a year-earlier profit of $35.2 million, or 69 cents a share.
The results met Wall Street’s expectation of profits of 80 cents a share.
Revenue surged 29 percent to $394.9 million for the three months ended March 31, fueled by the addition of new magazine titles acquired from Gruner + Jahr and by robust results at the company’s broadcasting operations.
Meredith’s television stations reported a 24 percent increase in segment profit to $20.1 million on a 9 percent rise in revenue to $75.9 million. The company attributed the growth to a 10 percent increase in local advertising revenue, ratings gains at five of its six largest television markets and profit growth at stations in Atlanta, Phoenix and Portland, Ore.
Meredith Reports 15 Percent Profit Jump in Q3
Apr 25, 2006 • Post A Comment