Meredith Q4 Adj. EBITDA Declines; Revenues Down 22% - Quick Facts

(RTTNews) - Meredith Corp. (MDP) reported a fourth quarter loss per share from continuing operations before special items of $0.14 compared to profit of $0.85, prior year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.29, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $80 million, compared to $169 million, last year, primarily due to COVID-19-related declines in advertising.

Fourth quarter revenues were $611 million, a decline of 22 percent from the prior year period, due primarily to COVID-19 related advertising cancellations and delays that reduced revenues by an estimated $136 million; and magazine portfolio adjustments designed to improve profitability that reduced advertising and consumer related revenues by approximately $40 million. Analysts expected revenue of $641.64 million for the quarter.