Traditional book publishing "remained under considerable market pressure, particularly in Education," said CEO Mark Allin, while the company saw positives in digital solutions growth and research journals.
Adjusted EPS fell 9% in constant currency, and revenues dropped 2% on the same basis.
Revenue by segment: Research, $234.4M (down 1%); Professional Development, $96.1M (down 3%); Education, $73.8M (down 15%).
The company reaffirmed its full-year outlook for adjusted EPS to decline in mid-single digits and for flat revenues -- excluding foreign exchange, impacts from the Atypon acquisition and a favorable impact from shifting to time-based journal subscriptions.
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.