Meredith revenue roughly doubles in Q2

Profit at Meredith Corp. MDP, -1.07% fell in the company’s fiscal second quarter, but the publisher of magazines like Better Homes and Gardens said it expects better revenue performance ahead.

Meredith on Monday reported net income of $18.6 million in the quarter that ended Dec. 31, down from $159.4 million in the year-prior quarter, when it recorded a significant income-tax benefit that wasn’t repeated.

On a per-share basis, Meredith said it lost 1 cent in the quarter, due to a loss it booked related to discontinued operations, compared with a profit of $3.49 a year earlier.

The company reported its adjusted profit rose $92 million, or $1.53 a share, from $52 million, or $1.14 a share, in the comparable quarter a year earlier.

Total revenue approximately doubled to $853.5 million, the company said.

Meredith also said Tuesday it sees significant sales improvement in its national and local media segments in the company’s fiscal third quarter. The national media group’s advertising revenue growth rate is "pacing down" to the mid-single digits, which the company said is better than recent quarters, and its local media unit is seeing advertising revenue "pacing up."

Meredith completed its acquisition of Time Inc. in January 2018, but has sold some assets from the firm, including Time magazine.

Write to Micah Maidenberg at m[email protected]

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