Meredith Corp. (MDP) Misses Q4 EPS by 43c, Revenues Miss

Meredith Corp. (NYSE: MDP) reported Q4 EPS of ($0.14), $0.43 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $611.2 million versus the consensus estimate of $641.64 million.

• Operating Cash Flows Grew 33 percent to $124 Million in Fourth Quarter
• Sequential Improvement in Digital & Broadcast Advertising in Fourth Quarter
• Strong Consumer Engagement Metrics Continued Across Brands

"We took important steps in fiscal 2020 to strengthen Meredith's competitive position over the long-term, including accelerating our digital businesses and capabilities; strengthening our market-leading portfolio of brands; and growing our connection to more than 190 million consumers who interact with our brands," said Meredith President and Chief Executive Officer Tom Harty. "While the COVID-19 pandemic continues to materially impact our business, we saw continued strong consumer engagement along with improvement in advertising revenue performance during the course of the fourth quarter, particularly for our digital and broadcast properties. Additionally, we continue to take proactive action to maximize free cash flow, ensure ample liquidity, and enhance our financial flexibility.

"Looking ahead, we believe our strong brands and audience reach – which includes nearly 95 percent of American women, 155 million unique monthly digital visitors, and a paid subscription base of 36 million consumers – positions us to enhance the value we deliver to our advertising and marketing partners and continue growing our consumer connection," Harty concluded.

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

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