Yet another TV broadcaster is reporting that its just-completed quarter came in better than expected. Meredith’s stock price soared Wednesday after CEO Steve Lacy spoke at a Citi investors conference.
October-December was the fiscal Q2 for Meredith. The company had previously projected that broadcasting revenues would be down 8% for the period. But that turned around a lot. Meredith is now looking for TV revenues to be up 4-5% for the period.
As for Meredith’s magazine group, revenues are still expected to be down, but not as much. Rather than a mid-single-digits decline the projection is now for revenues to be down in the low single digits.
Fiscal Q2 earnings are now expected to be 45-47 cents, up from an earlier projection of 33-38 cents.
RBR-TVBR observation: Yes, we can remember when a 4-5% gain was nothing to get excited about. But after the last couple of years, it sure is good to hear anyone talking about positive revenue numbers.