Following on their January trading update, Pearson announced full earnings for 2020. Sales were £3.4 billion, a decrease of £472 million, or 10 percent, as reported in January. Of the decline, £55m was due to scope changes, and £31 million from negative currency impact. Operating profit was £411 million, up from £275 million, but for 2020 the adjusted numbers are more revealing, since the statutory numbers reflect the £531 million gain from selling the company’s final 25 percent stake in Penguin Random House, which generated a pre-tax profit of £180 million. The year also saw lower restructuring costs, as the […]
Publishers
Wiley’s Sales Near Flat, Earnings Down in Q3
Wiley reported third quarter sales for the period ended January 31 of $483 million, up from $467 million, or 3 percent on the topline. But that includes $7.6 million in favorable foreign exchange and added sales from the big Hindawi acquisition. Net income for the quarter was $22.2 million, down from $35 million, while adjusted EBITDA was $104 million, up from $96 million. They took $20.7 million in restructuring expenses, mostly related to a previously announced reduction in their real estate footprint. The most positive sign in the report is that Wiley raised its full-year outlook, now anticipating higher earnings […]
Lagardere Publishing Has Modest Rise In Fourth Quarter
Lagardere reported fourth-quarter and full-year earnings on Thursday afternoon, with publishing sales of €700 million in the holiday quarter 2020, up 3.4 percent from €677 million a year ago. The performance was “led by positive sales trends in the United Kingdom and the post-lockdown catch-up effect in France in December.” For the full year, publishing sales of €2.375 billion were down €9 million from a year ago. Recent acquisitions added €30 million to sales, with €14 million from Le Livre Scolaire, €10 million from Laurence King Publishing and €6 million from Blackrock Games. (The addition of the catalog from Disney […]
Simon & Schuster Finishes Best Sales Year
ViacomCBS reported fourth quarter and full-year earnings on Wednesday afternoon, with sales at Simon & Schuster hitting an all-time high of $901 million for the year, up almost 11 percent from $814 million a year ago. With S&S now classified as discontinued operations, due to the pending sale to Penguin Random House, the parent company did not provide their usual commentary. Sales for the quarter were $252 million, well up from $215 million last year (and still ahead of the $235 million recorded two years ago). Adjusted OIBDA looks to have been $41 million — the company did not explicitly […]
HMH Trade 2020 Sales Up Due to Licensing Fees; No News on Potential Sale
HMH reported earnings for the recent quarter and full year, with fourth quarter sales of $204 million, down from $241 million, or 16 percent. The quarterly net loss was $(83) million, better than the $(125) million loss last year, including an impairment charge for goodwill of $17 million for the quarter (impairment totaled $279 million for the year), “a direct result of the adverse impact that the COVID-19 pandemic had on our company.” For the year, sales were $1.03 billion, down from $1.39 billion, with a net loss of $(480) million, down from $(214) million. At HMH Books & Media, […]
McGraw Hill Reports Sales Down, Earnings Up in Third Fiscal Quarter
McGraw Hill reported results for their fiscal third quarter ended December 31, 2020, with sales of $363 million, compared to $365 million the previous period. Improvements in higher ed and K-12 were not enough to offset declining sales in the international and global professional businesses. Earnings improved, as adjusted EBITDA registered $565,000, compared to a loss of $(24) million, while net income was $18 million compared to a loss of $(40) million. Operating and administration expenses were substantially reduced, to $198 million compared to $255 million last year. About half of the savings were attributed to “strategic headcount reductions,” Covid-related […]