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Meredith Reports 15 Percent Profit Jump in Q3

Apr 25, 2006  •  Post A Comment

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.