Bertelsmann issued its characteristically brief third quarter trading report, noting “slight organic revenues growth of 1.6 percent,” with book publishing called out as among the “particularly robust” businesses in their portfolio. Companywide, third quarter sales were approximately €4.15 billion, down somewhat from €4.19 billion a year ago, but a much smaller decline than the 8.9 percent drop in the first six months. For the nine-month period, sales of €12 billion are down €800 million compared a year ago. Said ceo Thomas Rabe, “The economic repercussions of the global Corona pandemic continue to be felt. But we have managed to further […]
Publishers
Storytel Outperforms Its Own Forecasts
Swedish audiobook subscription service Storytel announced earnings for the third quarter ended September 30, with net sales of SEK609 million ($70.6 million), up from SEK491 million in last year’s period. Streaming sales were SEK490 million, up from SEK 399 million, or 23 percent. The company averaged 1.36 million paying subscribers in the quarter, up 34 percent from 1.014 million. Both streaming sales and subscribers exceeded the company’s forecasts for the quarter. The company also announced positive EBITDA for the first ime, of SEK7 million, but cautions that it was due to an accounting change and won’t be a trend: “since […]
Simon & Schuster Sales Jump 29 Percent
ViacomCBS reported third quarter sales on Friday, with publisher Simon & Schuster reporting what looks to be their biggest-ever third quarter topline: Sales of $279 million were up 29 percent from $217 million a year ago. (The previous best third quarter sales mark looks to have been two years ago, the last time they published Bob Woodward, when sales were $240 million.) Earnings were solid but only gained 5 percent, due to “higher author expenses and costs associated with the mix of titles” (including printing and royalties for all those extra sales). OIBDA was $58 million, compared to $55 million […]
Harper Rebounds As Well with Good First Quarter
News Corp. reported earnings for their fiscal first quarter, ending September 30, on Thursday afternoon, with publisher HarperCollins showing growth after five straight quarters of sales declines. Sales of $458 million were up 13 percent versus $405 million a year ago. ($4 million of the gain was due to currency exchange.) EBITDA was back to the level from two years ago, at $71 million, up from $49 million a year ago. News Corp. said the publishers’ “strong results reflected the importance of savvy commissioning, combined with sensible cost control.” The growth was attributed to new releases from the general books […]
Lagardere Publishing Sales Up 6 Percent in Q3
Lagardere reported third quarter results, with publishing sales of €704 million, up from €663 million a year ago. That includes €12 million in sales from acquisitions, and a negative foreign exchange impact of €(11) million. “The sharp rebound in Lagardère Publishing sales that had been observed in June 2020 as lockdown measures were eased continued throughout the third quarter, albeit at a slightly more moderate pace,” said the release. Sales were up 21 percent in June — then up 4 percent in July and August, and up 10 percent in September. Even with the continuing rebound, however, publishing sales are […]
Struggling Houghton Mifflin Harcourt to Explore Selling Trade Division, As Archer Departs
After firing another 525 people at the beginning of October, Houghton Mifflin Harcourt reported terrible third quarter earnings and said it will “explore the potential sale of HMH Books & Media” to generate cash. The corporate-speak says a sale will “build on the company’s October 1 restructuring to align its cost structure to its digital-first, connected strategy, and create a pure-play learning technology company.” Centerview Partners will handle the shopping of the trade division, which will be an appealing size acquisition to a number of players, particularly as Simon & Schuster is likely to make one of the biggest publishers […]