Hearst Corp., the closely held owner of Good Housekeeping and other publications, said profit last year fell 2% short of 2022’s record as weakness in consumer media overshadowed strength in its transportation and health-care data businesses.

Chief Executive Officer Steven Swartz said in his annual letter that the company’s single largest profit contributor, the bond ratings firm Fitch Group, returned to revenue and profit growth in 2023 and expects to have an even stronger 2024. The entire company should see profit climb this year as well, he said.