Wiley reported third quarter sales of $427 million this morning, a 14 percent increase driven in large part by currency gains (up 5 percent excluding foreign exchange). Operating income of $68.3 million was up eight percent, while adjusted net income of 71 cents a share was up 25 percent. Though the results are strong, analysts were anticipating earnings of 74 cents a share.
The professional/trade division grew 10 percent at $107 million for the quarter, up 7 percent on a currency neutral basis. The company says “sales growth was strong in all regions, especially the U.S., where the holiday season was solid. Business publishing was driven by social media books; technology by books on new windows operating systems and certification; and consumer by the Meredith publishing agreement and For Dummies brand sales.”
They announced that in their next fiscal year they will publish a line of “official” licensed, branded Facebook instruction guides, The Definitive Facebook Guides.
Higher education “is having a record-setting year, out-performing the market with strong results in all geographic regions and subject categories,” according to ceo William Pesce. At $91.6 million the group was up 23 percent, while STM recorded sales of $228.4 million, up 13 percent.