Meredith Corp. reported fiscal fourth-quarter revenue rose above expectations, as a circulation revenue beat helped offset a advertising miss. The stock was little changed in light premarket activity. For the quarter to June 30, net earnings fell to $16.8 million from $43.3 million a year ago. On a per-share basis, the company swung to a loss of 6 cents from a profit of 95 cents. Excluding special items, earnings from continuing operations fell to $31 million from $49 million. Revenue rose 77% to $788.1 million, above the FactSet consensus of $787.1 million. Advertising revenue rose to $375.5 million from $230.4 million but missed the FactSet consensus of $399.9 million, while circulation revenue increased to $190.4 million from $90.2 million to beat expectations of $178.1 million. For fiscal 2019, the company expects revenue of $3.0 billion to $3.2 billion, compared with the FactSet consensus of $3.25 billion. The stock has slumped 19% year to date through Thursday, while the S&P 500
has advanced 6.7%.
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