On Friday, Meredith reaffirmed its earnings outlook for the second quarter of fiscal 2013 of $0.85 to $0.90, and for full fiscal 2013 of $2.60 to $2.95, both excluding a special charge related to business realignments and workforce reductions.
Meredith Reaffirms 2Q, FY13 Profit
Meredith Corp. said Friday that it recorded a net special charge of $7 million ($4 million after-tax, or $0.10 per share in its fiscal 2013 second quarter. The charge was related to business realignments and selected workforce reductions designed to realize the full value of recent acquisitions, and as part of an ongoing process to optimize performance and achieve further cost efficiencies.
Meredith said it has aggressively scaled its capabilities to deliver content over multiple platforms to meet increased consumer demand and growing client requests for multiplatform advertising and marketing programs in the past year. As a result, the company said it has added or created approximately 300 jobs to support key strategic growth initiatives.
Meredith reaffirmed its earnings outlook for the second quarter of fiscal 2013 of $0.85 to $0.90, and for full fiscal 2013 of $2.60 to $2.95, both excluding the special charge.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.87 per share for the second-quarter and $2.80 per share for fiscal 2013. Analysts’ estimates typically exclude special items.
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