Meredith today reported record fiscal 2017 second quarter earnings of $1.58 per share, compared to $0.72 in the same period last year.
Total company revenues increased 9 per cent to $443 million, and total advertising revenues increased 11 per cent to $267 million, both representing all-time quarterly highs.
"We continued our record-setting performance in the second quarter and first half of fiscal 2017, driven by record political advertising revenues at our television stations and double-digit growth in digital ad revenues in both the national and local businesses," said Meredith chairman and CEO Stephen M. Lacy. "We continue to expect to deliver record full fiscal year 2017 revenue and earnings performance, driven by aggressive execution of our strategic growth initiatives."
Some of the highlights:
- Total company digital advertising revenues grew 16 per cent to a quarterly record high. Traffic across Meredith's digital and mobile sites grew to an average of nearly 90 million unique visitors per month, and video views jumped 13 per cent.
- National Media Group operating profit grew and profit margin expanded, driven by strong growth in digital advertising revenues. Digital advertising revenues grew 16 per cent and represented nearly 40 per cent of total National Media Group advertising. Total advertising revenues were off 2 percent, but even on a comparable basis.
- Consumer engagement in key target demographics expanded across Meredith's media platforms. Meredith's national media brands grew their reach to more than 100 million unduplicated American women, including nearly 75 per cent of U.S. millennial women.
"Our results in calendar 2016 reflect the strength of our diversified media business," said Meredith president and COO Tom Harty. "In our local media group, we generated a record $67 million of political ad revenues and increased net retransmission contribution. In our national media group, we delivered growth in ad revenues as double-digit gains in digital advertising outpaced slight declines in magazine advertising. Importantly, we renewed our industry leading Better Homes & Gardens licensing program at Walmart stores nationwide."
Meredith is a member of FIPP.
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