Meredith Corp. (MDP) Reports Q4 Revenues In-Line with Estimates

Meredith Corp. (NYSE: MDP) reported Q4 EPS of ($0.06), versus $0.79 reported last year. Revenue for the quarter came in at $788.1 million versus the consensus estimate of $788.06 million.

"Our legacy Meredith businesses continue to perform in-line with our expectations, and we are very pleased with the progress being made on integrating the acquired Time Inc. properties," said Meredith Corporation President and CEO Tom Harty. \"We expect to see meaningful improvement in advertising results for the acquired Time Inc. brands during fiscal 2019. We are on track to deliver more than $500 million of annual synergies in the first two full years of operations. These synergies are already being reflected in our results as we significantly improved adjusted EBITDA margins year-over-year in our National Media Group in the fourth quarter of fiscal 2018. We expect significant margin improvement in fiscal 2019 as well.

"Given the progress made on synergy achievement and asset divestitures, we expect to achieve our goals of reducing debt by $1 billion by the end of fiscal 2019 and generating $1 billion of adjusted EBITDA in fiscal 2020, meaningfully contributing to total shareholder return," added Harty.

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

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