DES MOINES, Iowa (AP) — Women’s magazine publisher Meredith Corp. said Thursday that its fourth-quarter net income came in nearly the same as a year ago as costs rose in line with revenues.
The publisher of Better Homes and Gardens and Fitness magazines said its net income in the three months to June 30 came to $30.0 million, or 67 cents per share, compared with $30.3 million, or 67 cents per share, a year ago.
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That beat the 65 per share expected by analysts polled by FactSet.
Revenue grew 6 percent to $374.5 million, short of the $376 million expected by analysts.
Advertising revenue rose 11 percent to $210.3 million, helped by the acquisitions of the Allrecipes.com, EveryDay with Rachael Ray and FamilyFun brands. Circulation revenue grew 20 percent to $78.4 million, also boosted by the acquisitions.
Other revenue fell 13 percent as clients scaled back demand for its business-to-business marketing services agency, Meredith Xcelerated Marketing, in response to a weak economy.
Meredith said it expects full-year earnings in fiscal 2013 to range from $2.60 to $2.95 per share. The midpoint is below the $2.94 analysts were looking for.
It also forecast first-quarter earnings of 50 cents to 55 cents per share, below the 63 cents foreseen by analysts.
After dropping in earlier trading, shares were up 20 cents at $31.16 Thursday afternoon.
