The Des Moines, Iowa-based publisher of Time and People magazines reported revenue of $854 million, which was more than double the $418 million it reported last year. Analysts expected revenue of $859.3 million.
Earnings were $2.55 a share, well ahead of the $1.29 a share that analysts were expecting. The company's shares lost 2% to end at $45.20 Monday.
"We were pleased to deliver stronger-than-expected revenue, profit and related margin performance in the first half of fiscal 2019, and we are excited about our significantly improved second half advertising outlook," said Meredith President and CEO Tom Harty. "In addition, due to strong company performance so far in fiscal 2019 and proceeds from non-strategic asset sales, we have reduced debt by $700 million, well on our way to delivering our $1 billion debt reduction goal."
The company reiterated full year fiscal 2019 guidance, with revenue expected in a range between $3 billion and $3.2 billion. Revenue for the third quarter is expected to range between $715 million and $735 million.
The company said that it expects significant improvement in comparable advertising revenue in the third quarter and through the rest of the year.