Meredith Corporation MDP reported adjusted fourth-quarter earnings of $1.79 cents per share and quarterly sales of $785.6 million, which beat the analyst consensus estimate of $774.66 million. Adjusted EPS from continuing operations before special items was 85 cents.
The company’s television station group recorded an all-time high of $103 million of political advertising revenues.
"Our National Media Group delivered improved comparable advertising performance in every quarter of fiscal 2019, and our Local Media Group achieved another year of record performance," said Meredith CEO Tom Harty. "Additionally, we made significant progress in fiscal 2019 executing on our plan to strategically integrate the assets acquired from Time Inc. and assemble the best portfolio of national media brands in the industry."
Meredith shares were trading down 5.4% at $41.43 in Thursday's pre-market session. The stock has a 52-week high of $62.40 and a 52-week low of $42.25.
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