Magazine publisher Meredith Corp. (MDP) soared +25.91% due to an earnings beat. Specifically, the company reported adjusted EPS of $0.72 versus consensus of $0.68. Revenues climbed 7% to $370 million, topping estimates of $355 million. A primary driver of results was advertising revenues—both national and local advertising increased substantially. In addition, the company brought down net debt from $340 million at the beginning of the year to $331 million as of the earnings announcement on April 25th. We believe the company has traversed a tricky landscape well over the last few years, sticking to its core competencies and smartly improving its already solid balance sheet.
From John Rogers’ Ariel Appreciation Fund Second Quarter 2013 Commentary.
From John Rogers’ Ariel Appreciation Fund Second Quarter 2013 Commentary.
