McGraw-Hill reported top and bottom line progress in Q2, touting the success of its digital offerings, which now comprise 51 percent of total billings. Sales of $385 million for the quarter were flat, while total billings of $394 million were up $41 million from a year ago. Meanwhile, the cost of servicing its $2.1 billion dollar debt continues to chew through the company’s earnings. The quarter showed a net loss of $42 million — thanks to $47 million spent paying off interest. The comprehensive loss was higher, at $51 million, a little better than the $54.5 million loss in Q2 […]
Publishers
Harper Has Weaker Fourth Quarter, But Closes Fiscal Year with Record Earnings
News Corp. reported fiscal fourth quarter earnings on Thursday afternoon, as HarperCollins recorded a comparatively poor fiscal fourth quarter, with sales of $419 million, down $71 million from the previous year. But it was more of a return to normal, since a year ago they were up $83 million for quarter versus the same period 2017 — boosted in part by $28 million of revenue from Amazon Studios’ television license for J.R.R. Tolkien’s The Lord of the Rings trilogy. (For Q4 2017 sales were $407 million; for Q4 2016, sales had been $433 million.) Sales also look lower because of […]
Simon & Schuster Continues to Build Sales and Profits
CBS reported second quarter earnings on Thursday afternoon, with sales at Simon & Schuster up $11 million (or 5.3 percent) to $218 million — a new company high for the second quarter, and their best since 2014. The publisher also extended their long streak of increased profits, recording their eighteenth consecutive quarter of gains: Operating income of $33 million was up $2 million from a year ago. The gains were attributed to “higher print book and digital audio sales,” with top releases including Howard Stern Comes Again by Howard Stern and The Pioneers by David McCullough. CEO Carolyn Reidy said […]
HMH Announces Decent Sales and Increased Billings, But Bigger Loss
Houghton Mifflin Harcourt reported Q2 earnings, with net sales of $389 million, up from $357 million last quarter. “Billings” increased more dramatically, reflecting orders for their new core programs, at $489 million, up from $371 million a year ago, a new record for the company. As a result, the company increased its billings guidance modestly, with a new range of $1.53 billion to $1.61 billion. Sales at the HMH Books & Media trade division rose $3 million in the quarter, to $39.1 million. Most of the gain, $2 million, was licensing income from the animated series Carmen Sandiego on Netflix […]
Scholastic’s 2019 Trade Sales Boom While Operating Income Drops as Expected
Scholastic reported 4th quarter and full year earnings on July 25. As the company warned when it revised guidance at the end of May, Q4 operating income dropped precipitously, to $32 million, compared to $73.9 million a year ago, mostly due to sales tax collection issues, as well as ASC 606 accounting changes and increased promotional spend at book fairs. Sales were also down in Q4, to $470.7 million, compared to $496.2 million in fiscal 2018. For the full year, sales increased 2 percent to $1.65 billion, thanks to “a great year for trade publishing globally,” according to chairman Dick […]
Profits Slide In First Half for Lagardere Publishing
Lagardere reported second quarter and half year results on Thursday afternoon, with book publishing sales of €584 million up €26 million from a year ago, mostly due to the strengthening US dollar, along with gains from the recently-acquired Gigamic and Worthy Publishing Group. For the first half of the year, recurring group EBIT fell €9 million however, down to €36 million. The drop in earnings was attributed to “higher launch costs for Partworks and a negative timing effect in France linked to costs incurred to prepare the curriculum reform.” Outside of recurring profits, Lagardere Publishing also incurred €7 million in […]