Time Inc. (TIME) beat Wall Street’s projections for its second quarter earnings with boosts in digital revenue and profit.
The media giant delivered $0.22 per share on revenue of Revenue fell to $773 million, down from $820 million a year ago. The company said the stronger U.S. dollar relative to the British pound cost it $10 million for the quarter.
The performance beat Wall Street’s projections on earnings. According to Yahoo Finance, the consensus estimate predicted Q2 earnings would yield around a $0.15 per-share on revenue of $753 million.
Advertising revenue fell $41 million, or 9 percent, compared to the same time last year to $420 million. Digital revenue increased $3 million, or 4 percent, from $77 million year-over-year. Print revenue shrank $41 million, or 12 percent, year-over-year to $420 million. Circulation revenue fell $4 million compared with 2014’s first quarter to $250 million. Expenses dropped 10 percent year-over-year to $295 million.
Time Inc. declared a quarterly dividend of $0.19 per common share to stockholders on August 4th. CEO Joe Ripp noted a full year has passed since Time Inc. spun off from Time Warner.
“As an independent public company, Time Inc. is renewing the organization’s creativity, entrepreneurship and innovation,” he said. “We are extending our brands and content assets wherever audiences wish to experience them. We remain confident in our plan to fundamentally reengineer the business and reposition our company for its return to growth.”