Meredith Beats EPS, Revenue Estimates

Shares of Meredith Corp are nearly 7% higher after the company reported pre-market Wednesday fiscal Q2 adjusted EPS of $1.30 per share, up from $0.80 per share a year earlier and higher than the $1.20 per share consensus of analysts polled by Capital IQ.

For Q2 ended Dec. 31, revenues rose to $442.6 million from $406.4 million and beat forecasts for $434.7 million. For FY17, the media and marketing firm continues to expect adjusted EPS of $3.50 to $3.80 per share, straddling the $3.69 per share average estimate.

Q3 EPS is seen at $0.75 to $0.80, also straddling the $0.78 per share consensus, with revenues for each of its local and national media groups seen flat to down slightly from a year earlier. MDP last traded at $59.00, close to its all-time high of $60.50.

By Bryan Smith