Meredith Q2 Profit Falls; Backs FY14 Earnings Outlook

(RTTNews) - Meredith Corp. (MDP) reported net income for the second quarter of $30.6 million or $0.67 per share, compared to $35.6 million or $0.79 per share for the year-ago quarter.

The latest quarter results include $1.6 million, or $0.02 per share, of transaction expenses related to previously announced agreements to purchase broadcast assets. 

Total revenue for the second quarter fell to $354.05 million from $360.60 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.68 per share on revenue of $354.10 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecasts third quarter earnings of $0.63 to $0.68 per share. Total revenue for the third quarter is expected to be flat to down slightly year-over-year.

Meredith continues to expect fiscal 2014 full year earnings per share to range from $2.60 to $2.95, excluding operating results and transaction expenses related to the acquisitions of television stations in Phoenix and St. Louis.

Analysts currently expect the company to earn $0.77 per share for the third quarter and $2.82 per share for the fiscal year 2014.