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Pearson sinks 8.5% as testing revenues decline and miss

Jul. 29, 2016 12:09 PM ETPearson plc (PSO) StockPSOBy: Jason Aycock, SA News Editor
  • Shares in Pearson (NYSE:PSO) have tumbled 8.5% after the company posted earnings where revenues missed estimates as testing sales fell off both in the UK and the United States.
  • First-half revenue from continuing operations was off 7% to £1.87B, and fell 11% in constant currency. Sales fell 13.4% on a headline basis, accounting for the since-disposed Financial Times Group.
  • Sales breakout: North America, £1.16B (down 8%, down 15% in constant currency); Core, £370M (down 5%, down 8% in constant currency); Growth, £332M (down 3%, flat in constant currency).
  • Operating profit plummeted 89% in North America to £2M, while Core and Growth swung to operating losses (of £7M and £12M respectively). Penguin Random House, meanwhile, posted operating profit of £32M (up 33%).
  • Still, the company reiterated full-year guidance for operating profit of £580M-£620M, and adjusted EPS of 50-55 pence.
  • Press Release

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