* Q3 adj EPS $0.69 vs est $0.65
* Q3 rev $353.3 mln vs est $345 mln
* Sees fiscal 2010 EPS above expectations
(Adds details, CEO comments, updates share movement)
April 28 Magazine publisher and local
television station owner Meredith Corp (MDP.N) posted a
better-than-expected quarterly profit, helped by growth in
advertising revenue, and forecast full year results above the
The company, however, warned that growth was still well
below historic levels prior to the recession.
"The marketplace remains very volatile on both a
month-to-month and client-by-client basis," said Chief
Executive Stephen Lacy.
Shares of the company, which publishes Family Circle and
Better Homes and Gardens, fell 5 percent to $35.34 Wednesday on
the New York Stock Exchange. They have risen about 21 percent
in the last three months.
For the current fourth quarter, Meredith expects
advertising revenue to increase 7-8 percent over the prior
The company, which also owns local TV stations, sees 2010
earnings of $2.13 to $2.18 per share, excluding special items.
Analysts were expecting a profit of $2.10 per share, according
to Thomson Reuters I/B/E/S.
In the third quarter, total advertising revenues grew 4
Net income rose to $33.3 million, or 73 cents a share, from
$25.4 million, or 56 cents a share, a year ago. Revenue rose 5
percent to $353.3 million. For the alerts, click [ID:
Analysts were expecting earnings of 65 cents a share,
excluding items, on revenue of $345 million, according to
Thomson Reuters I/B/E/S.
(Reporting by Sudipto Ganguly in Bangalore; Editing by