Meredith has raised its full year and third-quarter 2017 earnings outlook, in light of strong digital advertising in its National and Local Media Groups, which include the company’s magazine and TV station divisions.
Meredith chairman and CEO Stephen M. Lacy states "performance for our digital activities is surpassing expectations" adding that the company's other business activities are delivering results as "originally anticipated.”
Meredith guidance for the 2017 third quarter is now between $0.85 to $0.87. Previously, the range was $0.75 to $0.80. The media giant will report its fiscal 2017 third-quarter results on April 27.
For the full fiscal year of 2017, Meredith now expects earnings per share of $4.13 to $4.18 on a GAAP basis, and $3.85 to $3.90 excluding special items recorded in fiscal 2017.
These expectations compare to a range of $3.50 to $3.80, reported back in July 2016.
Meredith is one of the companies that reportedly submitted a bid to acquire Time Inc. The board will decide whether it will sell off the company, individual titles, or take no action.
Meredith and Time Inc. originally opened up talks regarding a merger back in 2013, when Time Inc.’s management considered several options as it prepared to separate from corporate parent Time Warner. However, nothing came of those talks.