Houghton Mifflin Harcourt reported a difficult third quarter and reduced their expectations for the full year. Sales were up $25 million to $576 million for the quarter — but that include $82 million from the recently-acquired EdTech business they bought from Scholastic. Without that addition, sales would have been down $58 million. Operating income fell $13.5 million to $102.6 million. “In light of a softer open territory market and smaller supplemental and residual market,” the company reduced its guidance for the full year, and the stock is down more than 7 percent this morning. To appease investors, they authorized another […]
