Meredith Corp. (MDP) Misses Q3 EPS by 61c, Revenues Miss

Meredith Corp. (NYSE: MDP) reported Q3 EPS of $0.49, $0.61 worse than the analyst estimate of $1.10. Revenue for the quarter came in at $701.7 million versus the consensus estimate of $720.83 million.

"Our performance for the fiscal 2020 third quarter was largely in-line with our expectations until mid-March when the outbreak of COVID-19 created an extremely challenging advertising environment," said Meredith President and Chief Executive Officer Tom Harty. "In response, we took a series of proactive steps to strengthen our liquidity and enhance our financial flexibility in the near-term to effectively navigate the current environment.

"In these unprecedented times, we are seeing several encouraging trends reinforcing the enduring value of Meredith's powerful brands, including robust traffic to our digital properties, strong upticks in our ecommerce activities, increased viewership to our local newscasts, and solid subscription metrics," Harty continued. "We remain confident in the strength and resilience of the diversified business model we have built."

"Our top priorities are: (1) Keeping our employees safe; (2) Continuing to operate seamlessly; (3) Supporting our advertising and marketing partners; and (4) Maximizing free cash flow," Harty concluded.

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

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