Meredith Corp. television operations
witnessed strong results for its fiscal second quarter -- thanks to strong political and automotive advertising.
Its local media division had revenues climb 32% to $111 million with its operating profit up 65% to $45 million. Meredith says these were all-time records for the company.
All this is a continuation of big advertising results throughout the last six months for the company.
Political advertising revenues during the most current period were $38 million. While non-political advertising revenues were down slightly, displaced by political advertising because of federal rules, non-political advertising revenues rose 3% for the period following the election. The automotive category was up 10%.
Total company revenues were up 10% to $361 million, and advertising revenue was 18% higher during the period. Net earnings were $35.6 million, up from $31.6 million in the previous second quarter.
Looking at its national media group, its magazines and digital components, revenues grew 2% to $249 million. Operating profit was down to $22 million, compared to $36 million.
Digital advertising revenues for the group continued to soar -- up 110% -- much of this from the new acquisition, Allrecipes.com. Taking this out of the picture, digital advertising revenues were up 15%.