Meredith Corp. (MDP), publisher of consumer magazines Better Homes and Gardens, Family Circle, Ladies’ Home Journal and More, among others, today announced that fiscal third-quarter profit rose 31% year over year to $33.3 million, or 73 cents a share. Those earnings included several one-time benefits worth 4 cents a share.
Operating profit for the company’s National Media Group rose 6% year over year to $48 million, aided by a 2% increase in revenue to $285 million. Better Homes and Gardens, Family Circle and Parents led the division in ad revenue, the company said. Circulation revenue increased 2% on the strength of newsstand sales.
The company’s local media division, which includes television stations, saw operating profit rise to $12 million from $1 million in the year-ago period.
Meredith forecast fourth-quarter ad-revenue increases of 7% to 8% over the fourth quarter of 2009.
Shares were losing 4% to $35.96 in early afternoon trading.