John Wiley & Sons (JW-A) Tops Q4 EPS by 24c

John Wiley & Sons (NYSE: JW-A) reported Q4 EPS of $0.66, $0.24 better than the analyst estimate of $0.42. Revenue for the quarter came in at $474.6 million versus the consensus estimate of $453.49 million.

FISCAL YEAR 2021 OUTLOOK:

The isolation measures related to COVID-19 continue to impact the Research and Education businesses, with uncertainties about student enrollments, university budgets, and corporate spending. Wiley cannot confidently predict the extent or duration of the impact of the pandemic on its operating results and is therefore not providing a fiscal year 2021 outlook.

The CEO and Executive Leadership Team (ELT) have decided to take six-month base pay reductions of 30% and 15%, respectively. In addition, the Board of Directors will reduce the cash-based portion of their annual retainers by similar amounts for a similar duration. This compensation reduction is limited to the CEO, ELT and Board.

“We have implemented a number of belt-tightening measures in response to the economic slowdown,” said Mr. Napack. “While not financially necessary, the Executive Leadership Team and Board of Directors are taking temporary pay reductions to share in the burden of cost reduction with our Wiley colleagues. We believe that it’s the right thing to do given the significant impact of the COVID-19 crisis on our colleagues, customers and partners.”

Mr. Napack continued: “For over 200 years, Wiley has continued to thrive through operational discipline, strategic foresight and fiscal prudence, and we will continue to do so going forward,” said Mr. Napack. “Over the near-term, our performance is substantially dependent upon the duration of the shutdown. We will restore annual guidance when visibility returns.”

For earnings history and earnings-related data on John Wiley & Sons (JW-A) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Reading (RDI) Tops Q2 EPS by 4c
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c