Research and education company John Wiley & Sons (JW.A, JW.B) released full-year guidance on Tuesday as it posted better-than-expected fourth-quarter results which were helped by growth in its research, education and test preparation business units.
The Hoboken, NJ-headquartered company reported revenue of $491.2 million in the three months ended April 30, up 3% from the corresponding quarter of the prior year. This was also ahead of the consensus estimate of analysts polled by Capital IQ for $489.7 million.
Adjusted earnings per share came in at $1.05, up 26% from a year earlier and ahead of the Street’s forecast for $1.03.
“We are pleased with the momentum that we’re seeing across the company,” Brian Napack, chief executive, said. “We achieved our targets for revenue and earnings and are seeing good growth in strategic areas such as Research Open Access publishing, Education Services, Test Preparation and Certification, and corporate training.”
Napack added that the company was beginning to see returns from its multi-year business optimization program.
For the fiscal year 2020, the company is targeting revenue of $1.84 billion to $1.87 billion and adjusted earnings per share of $2.45 to $2.55. This compares with 2019 adjusted EPS of $2.96. Analysts had expected sales of $1.84 billion and adjusted earnings per share of $3.19.
The adjusted EPS figure is expected to decline primarily due to non-cash amortization expense related to acquisitions and increased investment to grow and optimize its research and education services, the company said.
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