Meredith Reports Q2 Results; Is Thrilled

better homes and gardens march 2008.jpgMeredith Corp (MDP) is pretty happy about its second-quarter 2011 earnings, reported today.

Revenues were up 9 percent year over year to $367 million while earnings per share were a solid $.88, “a record high for a second fiscal quarter” and more than double those of Q2 2010.

The gains are coming from the Local Media Group, or Meredith’s TV stations, which reported net profit of $39 million, more than double the profit of Q2 2010, and some from the National Media Group, which includes Meredith’s national magazines like Better Homes & Gardens and Ladies’ Home Journal. Profit there was $41 million, up 30 percent from the previous quarter, despite a 4 percent drop in circulation revenues (Meredith made up for that by growing ad revenue 5 percent and online ad revs 30 percent).