Meredith Corp. (MDP) Tops Q2 EPS by 25c, Beats on Revenues

Meredith Corp. (NYSE: MDP) reported Q2 EPS of $1.14, $0.25 better than the analyst estimate of $0.89. Revenue for the quarter came in at $417.7 million versus the consensus estimate of $415.44 million.

Meredith today reported fiscal 2018 second quarter earnings per share were $3.49, compared to $1.58 per share in the prior-year period. Fiscal 2018 second quarter results included the following special items:

• A benefit of $2.92 per share related to changes to the U.S. corporate income tax rate
• Transaction expenses of $0.23 per share related to Meredith's acquisition of Time Inc.
• A charge of $0.34 per share related to the impairment of a trademark and a realignment in Meredith's National Media Group

Excluding these special items, fiscal 2018 second quarter earnings per share were $1.14. This compares to earnings per share excluding special items of $1.30 in the prior-year period. As expected in an off-election year, Meredith recorded $38 million, or $0.52 per share, less of high-margin incremental political advertising revenues in the second quarter of fiscal 2018 than in the prior year. (See Tables 1-4 for supplemental disclosures regarding non-GAAP financial measures.)

For earnings history and earnings-related data on Meredith Corp. (MDP) click here.

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