DES MOINES, Iowa, May 10, 2017 /PRNewswire/ -- The Meredith
Corporation (NYSE:MDP; www.meredith.com) Board
of Directors today declared a regular quarterly dividend of
$0.52 per share, or $2.08 on an annual basis. The dividend will
be payable on June 15, 2017, to
shareholders of record on May 31,
2017.
Meredith has a strong history of returning cash to shareholders,
paying a dividend for 70 consecutive years and increasing its
dividend for 24 years straight, including a 5.1 percent increase
earlier this year. As an acknowledgment of its consistent
track record of annual dividend increases, Meredith was recently
added to the S&P High Yield Dividend Aristocrat Index.
For full-year fiscal 2017, Meredith continues to expect record
earnings per share of $4.13 to $4.18 on a GAAP basis, and record earnings
per share of $3.85 to $3.90 excluding special items recorded in
fiscal 2017. In March, Meredith raised its earnings per share
expectations, due primarily to stronger than expected
advertising performance, particularly from digital operations
in both its National and Local Media Groups.
Meredith has delivered an average annual return of 21 percent
since the launch of its Total Shareholder Return (TSR) strategy
more than five years ago. Key elements of Meredith's TSR
strategy include:
- An annual dividend yielding approximately 4 percent based on
yesterday's closing price of $56.00.
- An ongoing share repurchase program with $70 million remaining under current
authorizations.
- Strategic investments to scale the business and increase
shareholder value.
ABOUT MEREDITH CORPORATION
Meredith Corporation has been committed to service journalism
for 115 years. Today, Meredith uses multiple distribution platforms
- including broadcast television, print, digital, mobile and video
- to provide consumers with content they desire and to deliver the
messages of its advertising and marketing partners.
Meredith's balanced portfolio consistently generates substantial
free-cash flow, and the Company is committed to growing Total
Shareholder Return through dividend payments, share repurchases and
strategic business investments. Meredith's current annualized
dividend of $2.08 per share yields
approximately 4 percent. Meredith has paid a dividend for 70
straight years and increased it for 24 consecutive years.
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SOURCE Meredith Corporation