Meredith Corporation Q3 Earnings Beat Estimates- Quick Facts

(RTTNews) - Meredith Corporation (MDP) reported net earnings of $79.1 million or $1.61 per share, in the third quarter compared with a loss of $284.4 million or $6.65 per share in the comparable quarter last year.

In the third quarter, the company had a net gain from special items of $53 million, driven primarily by the Travel + Leisure brand sale partially offset by debt redemption costs during the quarter.

On an adjusted basis, earnings were $0.53 per share, that beat the consensus estimate polled by Thomson Reuters of $0.32 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter decreased to $664.5 million from $701.7 million last year. Analysts were expecting revenue of $677.99 million for the quarter.

"As the economy continues to rebound, we see fiscal 2021 fourth quarter revenue and adjusted EBITDA growth led by digital and non-political spot advertising, along with stabilizing magazine performance," said Meredith Chairman and Chief Executive Officer Tom Harty. "We expect full year fiscal 2021 National Media Group digital advertising revenues to surpass magazine advertising for the first time in our history."