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9 MONTHS: MEREDITH CORP'S SALES UP 1%, EARNINGS UP 19%
Source: Meredith Corp news release

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Des Moines, IA - Meredith Corporation (NYSE: MDP; Meredith.com) today reported fiscal 2021 third quarter and first nine month results as summarized below. All financial results refer to fiscal 2021 third quarter and the comparable prior-year period unless otherwise stated.

"Our National Media digital business again delivered record revenue performance, including digital advertising revenues that surpassed magazine advertising for the second consecutive quarter, along with another quarter of growth in licensing and digital consumer related revenues," said Meredith Chairman and Chief Executive Officer Tom Harty.

"Our mature media performance was mixed as Local Media non-political spot advertising revenues exceeded our estimates, while magazine advertising revenues were adversely impacted by clients that continue to be affected by the pandemic and resulting uncertainty. Our plan and efforts to enhance financial flexibility and manage costs continue producing tangible results including debt redemption of $251 million and Free Cash Flow of $68 million," said arty.


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