- John Wiley & Sons (NYSE:JW.A) has tumbled 7.7% after its fiscal Q2 results missed on top and bottom lines and the company lowered its revenue growth outlook.
- Revenue fell 9% but declined just 5% excluding forex effects. EPS declined 10% in constant currency. The company pointed to a tough comparison stemming from a large backfile sale in the prior period.
- Journal Subscriptions and Author-Funded Access were flat; Online Program Management and Online Test Preparation grew 18% and 13%.
- Free cash flow use was $192.7M for the first half, up from $140.7M in the year-ago period.
- It reaffirmed outlook for flat EPS growth, but lowed its fiscal 2016 revenue guidance to flat as well, both in constant currency. A change to time-based digital journal subscription agreements will shift some $35M of revenue and $0.35 in EPS to fiscal 2017, mostly in back-to-school Q3.
- Press Release