John Wiley & Sons (JW-A) Misses Q3 EPS by 1c; Reaffirms FY16 Outlook
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John Wiley & Sons (NYSE: JW-A) reported Q3 EPS of $0.67, $0.01 worse than the analyst estimate of $0.68. Revenue for the quarter came in at $436.4 million versus the consensus estimate of $431.12 million.
Fiscal Year 2016 Outlook
Wiley is reaffirming its fiscal year 2016 outlook of flat revenue and flat adjusted earnings per share (EPS) on a constant currency basis and excluding the adverse transitional impact of shifting to time-based journal subscriptions. As previously announced, Wiley is moving from issue-based journal subscriptions to time-based digital journal subscription agreements for calendar year 2016. The change will shift roughly $37 million of revenue and $0.40 of EPS from FY16 to FY17, with recurring effect annually thereafter. We previously estimated these impacts to be $35 million of revenue and $0.35 of EPS. The shift to time-based subscriptions will not impact cash flow for the year. Included in the FY16 EPS guidance is an incremental expense impact of more than $0.15 as compared to FY15 for the enterprise resource planning (ERP) and related systems implementations.
For earnings history and earnings-related data on John Wiley & Sons (JW-A) click here.
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