What happened Shares of Meredith (NYSE: MDP) soared 24% today after the company reported strong fiscal first-quarter earnings. The results crushed analyst expectations for both the top and bottom lines. So what Revenue in the fiscal first quarter was $693.5 million, ahead of the $660 million in sales that Wall Street was looking for. That resulted in adjusted earnings per share of $1.04, which was dramatically higher than the consensus estimate of just $0.17 per share in adjusted profits. The media company, which publishes prominent magazines like People and Entertainment Weekly, said advertising revenue was hurt by the COVID-19 pandemic but was optimistic about that industry's recovery. Image source: Getty Images. "While the COVID-19 pandemic continues to impact total Company revenues, sequentially our year-over-year performance has continued to recover," CEO Tom Harty said in a statement. "Our efforts to enhance financial flexibility and control costs have produced tangible results as demonstrated by our growth in operating profit and free cash flow." Now what Meredith did not provide guidance for next quarter but management highlighted the company's strong liquidity position. Meredith finished Q1 with $201 million in cash, up significantly from $27 million a year ago. Additionally, the company has an existing revolver that it has not yet tapped. "We continue to see positive momentum in our efforts to improve cash flow, helped by strong political advertising demand," CFO Jason Frierott said on the conference call with analysts. The company says that its top priority is reducing debt. 10 stocks we like better than Meredith CorporationWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Meredith Corporation wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source