John Wiley & Sons (JW-A) Misses Q3 EPS by 20c

Wiley Reports Third Quarter Fiscal 2019 Results

March 5, 2019 8:00 AM EST

HOBOKEN, N.J.--(BUSINESS WIRE)-- John Wiley & Sons, Inc. (NYSE: JWA)(NYSE: JWB), a global leader in research and education, today announced results for the third quarter ended January 31, 2019:

GAAP results: Revenue of $449 million (-1%), Operating Income of $50 million (-23%), and EPS of $0.61 (-$0.58) Adjusted results (non-GAAP, constant currency): Revenue +1%, Adjusted Operating Income -21%, and Adjusted EPS -22% Revenue and Adjusted EPS guidance reaffirmed; Cash from Operations outlook lowered; impact to Free Cash Flow to be mitigated by substantially lower Capex

We made significant progress throughout Wiley this quarter, securing a groundbreaking Research publishing partnership with Germanys DEAL consortium, growing Open Access publishing by 48%, closing and integrating our Learning House acquisition, signing eight strategic university partnerships, and ramping up our cross-Wiley optimization initiative to improve our cost structure, agility, and effectiveness," said Brian Napack, Wiley's President and CEO. "Growth was evident across the portfolio except for our traditional book businesses, which weighed heavily on results. We are confident the plans we already have in motion will help mitigate this pressure in books and continue the overall progress that we are making.

THIRD QUARTER RESULTS

GAAP Measures
Unaudited ($millions except for EPS)

Q3 2019 Q3 2018 Change

Change
Constant Currency

Revenue $449.4 $455.7 (-1%) +1% Operating Income $50.3 $65.4 (-23%) Diluted EPS $0.61 $1.19 (-$0.58) Non-GAAP Measures Q3 2019 Q3 2018

Change
Constant Currency

Adjusted Operating Income $50.0 $67.6 (-21%) Adjusted EPS $0.61 $0.87... More