Meredith Corp., parent of WFSB Channel 3 in Rocky Hill, boosted its financial forecast as advertising sales improve at the company’s magazines and broadcast stations.
The Des Moine, Iowa, company, which publishes Better Homes and Gardens and Ladies Home Journal, revealed in a filing with the Securities and Exchange Commission that it now expects to report ad revenue at its TV and radio stations grew 4 percent to 5 percent year-over-year in its fiscal second quarter, which ended in December. That’s up from a previous forecast of an 8 percent drop.
Ad revenue at its magazines should be down in the low single digits, the company said. That compares with a previous estimate in the mid single digits.
Meredith said it expects to report earnings of 45 cents to 47 cents per share, up from a previous estimate of 33 cents to 38 cents. Analysts polled by Thomson Reuters are looking for 41 cents.
At 11 a.m., Meredith was up 15 cents, or 0.5 percent, at $33. (AP)
