Benzinga | Aug 12, 2021 10:44AM EDT

Meredith Q4 Result Tops Estimates

* Meredith Corp (NYSE:MDP) reported fourth-quarter FY21 sales growth of 17.5% year-on-year, to $717.9 million, beating the analyst consensus of $690.22 million.

* Digital advertising revenues grew 80% Y/Y, non-political spot advertising increased 50%, and licensing/digital and other consumer-driven sales rose 19%.

* Operating expenses rose 9.3% Y/Y to $642.8 million.

* The operating margin was 10.5%, and operating income for the quarter rose 225.1% to $75.1 million.

* The company held $240.2 million in cash and equivalents as of June 30, 2021.

* Net cash provided by operating activities amounted to $60.8 million with a free cash flow of $51.2 million.

* Adjusted EBITDA of $123.6 million rose 55%.

* Adjusted EPS of $1.11 beat the analyst consensus of $0.48.

* "We delivered a strong operational performance in fiscal 2021 despite the many challenges presented by the COVID-19 pandemic, ending the year in a stronger financial and competitive position than when we started," said Chairman and CEO Tom Harty.

* Price Action: MDP shares are trading lower by 0.98% at $42.9 on the last check Thursday.