News Corp. reported fiscal first quarter results through the end of September, with sales at HarperCollins rebounding by 3 percent, to $401 million. While ahead of last year’s $389 million, it’s still behind their $409 million in fiscal 2016 and $406 million in fiscal 2015. EBITDA rose by $2 million, to $50 million in the quarter. The gains were “primarily due to the continued popularity of Hillbilly Elegy by J.D. Vance and The Subtle Art of Not Giving a F*ck by Mark Manson.” Digital sales grew 6 percent, driven “by growth in downloadable audio sales.” Report
Publishers
Earnings: Lagardere Declines, Quarto Warns on Loss and No Dividend
Lagardere reported third quarter sales, with publishing division revenues falling 4.3 percent to €646 million (down from €675 million a year ago). Underlying sales fell more, since that total includes €11 million from recent acquisitions. (Brainbow and Bookouture each contributed €5 million, and IsCool Entertainment added €1 million.) This year’s results were weighed down comparatively by last year’s release of Harry Potter and the Cursed Child by Hachette UK, and that division was down 13.5 percent as a result. US sales were down 2.8 percent, on “a lighter release schedule.” But the big French division rose 6 percent, mostly on improved educational sales. Foreign […]
Simon & Schuster Gains On Audio and International Sales
CBS reported third quarter earnings on Thursday afternoon, with sales at Simon & Schuster nudging up by $2 million to $228 million, with operating income also up $2 million to $46 million. That means that without the incorporation of Adams Media, acquired towards the end of last year, comparable results were down slightly, even with big new releases from Hillary Clinton, Tom Brady, Nelson DeMille and more. But S&S had published Bruce Springsteen and Amy Schumer in the third quarter of 2016, setting a high bar for comparisons. CEO Carolyn Reidy says they “managed to recreate” that same frontlist momentum […]
Houghton Results Are Flat, As Trade Division Gains
Houghton Mifflin Harcourt reported third quarter results on Thursday morning, with sales just below flat at $532 million (down $1 million) and net income just above flat at $90.5 million (up $500,000). The company announced a modest adjustment to their ongoing “restructuring plan,” now expecting total charges of between $45 million and $49 million, or $4 million higher. The increase is “primarily due to a change in the estimate of office space that the company will be able to vacate along with higher cost of implementation.” The small trade division continues to perform well this year, with third quarter sales […]
Corporate: Potter Still Powers Bloomsbury, and More
Bloomsbury reported results for the first six months of their fiscal year, through August 31, as yet another good sales period for Harry Potter titles drove higher sales for the company. Revenues of £72.1 million were up from £62.7 million a year ago. Children’s trade sales rose approximately £7.9 million, to £31.7 million, as Harry Potter revenues rose 40 percent. Adult trade was just below flat at £13 million (down £0.4 million). Despite the sales growth, profit still lags. While better than the same period a year ago, profit before tax was £1.7 million. Release Separately, the court has posted […]
Pearson Offers Glimmer of Stability, PRH Sales “Down Slightly”
In what counts as good news after a long run of profit warnings and disappointments, Pearson told investors they were raising the lower end of their profit guidance for the year by £30 million. “Whilst we anticipate the underlying structural pressures in US higher education courseware will persist in the medium term, the relative strength of trading in this business is helping our profits this year.” CEO John Fallon reiterates the challenges they face, and the hope to remain standing as the biggest company in a shrinking space: “We expect tough market conditions in our biggest business to continue over […]