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Meredith Corporation

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Meredith has performed in line with the industry in the past one month. The company’s strategic initiatives particularly in digital space, brand licensing activities, great group of television stations and solid earnings surprise history are the pillars that reinforce its position as one of the leading media and marketing company. However, the year-over-year decline in third-quarter fiscal 2017 earnings do raise concern, as the revenue beat for the second straight quarter failed to alleviate the same. Nevertheless, management echoed its fiscal 2017 earnings per share projection and now envisions total revenue to be up marginally in the final quarter. Local Media Group’s revenue is expected to be up mid-single digits, while that of National Media Group is likely to be down marginally in the final quarter. We believe waning print media trends due to shift from traditional advertising and stiff competition still remain headwinds.

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