Magazine publisher and broadcaster Meredith Corp., parent of WFSB Channel 3 in Rocky Hill, posted a better-than-expected quarterly profit, helped by growth in advertising revenue, and forecast full year results above the Street, Reuters reports.
For the current fourth quarter, Meredith expects advertising revenue to increase 7-8 percent over the prior year.
The Des Moines, Iowa publisher of Family Circle and Better Homes and Gardens, sees 2010 earnings of $2.13 to $2.18 per share, excluding special items. Analysts were expecting a profit of $2.10 per share, according to Thomson Reuters I/B/E/S.
In the third quarter, the national media group saw a 4 percent growth in ad revenue, with non-political ad revenue surging 16 percent at the company’s local media group.
Net income rose to $33.3 million, or 73 cents a share, from $25.4 million, or 56 cents a share, a year ago. Revenue rose 5 percent to $353 million.
Analysts were expecting earnings of 65 cents a share, excluding items, on revenue of $345 million, according to Thomson Reuters I/B/E/S.
