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Meredith Corp. Posts Rising 3Q Profit

meredith04282010.jpgMeredith 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.

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