Meredith reports 40 per cent growth in earnings, publishing revenue declines

The company which made $18.34m the previous year increased its net earnings to $25.7m this year.

American media group Meredith has reported a 40 per cent increase in year-on-year net earnings for its first quarter, on Tuesday.

The company which made $18.34m the previous year increased its net earnings to $25.7m this year.

Total revenue was $344.4m, an increase of $12m from the year before.

However, Meredith's publication business - the National Media Group - reported $268.3m in revenue during the quarter, a decline from the $271.6m the company made in the same period last year.

Both advertising and circulation revenue have declined, albeit slightly.

The company's chairman and CEO Stephen M. Lacy claimed that even though revenue had declined, the National Media Group had shown "strong revenue growth in businesses not dependent on advertising."

According to Lacy, National Media had increased magazine advertising rates and showed revenue growth of 21 per cent in digital ad revenues.

"Meredith was cycling against its strongest quarter of industry outperformance (nearly 30 percentage points) in the prior-year period, according to Publishers Information Bureau data," said the company.