Pearson plcNYSE
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  • Mon, Oct. 17, 12:08 PM
    • Pearson (NYSE:PSO) has slid 8.3% in U.S. trading after it noted nine-month sales held down by North American results that disappointed investors.
    • Overall sales fell 7% for the period, weighed by retailer inventory correction in North American Higher Education courseware, though Pearson noted improving trends in September continuing into October so far.
    • Sales were off 3% in headline terms but down 10% at constant exchange rates.
    • Simplification programs are going well, Pearson says, with 90% of targeted headcount reduction (of 4,000 full-time equivalent employees) already notified. It'll take restructuring costs of about £320M in 2016 with an annualized savings target of £350M.
    • The company reiterated full-year guidance and said it's making no changes to its 2018 goals: "Our markets have been challenging but we are managing discretionary costs tightly."
    | Mon, Oct. 17, 12:08 PM
  • Mon, Oct. 17, 9:14 AM
    | Mon, Oct. 17, 9:14 AM | 2 Comments
  • Thu, Sep. 8, 12:50 PM
    | Thu, Sep. 8, 12:50 PM | 2 Comments
  • Thu, Sep. 8, 9:23 AM
    | Thu, Sep. 8, 9:23 AM
  • Fri, Jul. 29, 12:09 PM
    • 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
    | Fri, Jul. 29, 12:09 PM
  • Fri, Jul. 29, 9:22 AM
    | Fri, Jul. 29, 9:22 AM
  • Fri, Jul. 29, 8:28 AM
    • Pearson plc (NYSE:PSO): 1H16 EPS of 1.30p.
    • Revenue of £1.87B (-13.4% Y/Y)
    • Shares -10.25% PM.
    • Press Release
    | Fri, Jul. 29, 8:28 AM
  • Thu, Jan. 21, 9:35 AM
    • Pearson (NYSE:PSO) is jumping 12.1% in U.S. trading, following a similar move up in London (+14%), on news it will try to jump-start earnings with a new reorganization that will see it shed 4,000 more jobs.
    • That's about 10% of the workforce, with most of the cuts coming by mid-year. The company is just emerging from a 2013 reorganization that also cut thousands of jobs and saw Pearson refocusing on education and selling non-core publishing operations.
    • The company will spend £320M on the measures this year, and it expects to save about £350M/year with the cuts. It forecast 2016 earnings to fall to 50-55 pence per share, vs. expectations of 63 pence.
    • Business in North America and South Africa was worse than initially forecast, CEO John Fallon says, and the company is bracing for more decline in its testing business.
    | Thu, Jan. 21, 9:35 AM
  • Thu, Jan. 21, 9:16 AM
    | Thu, Jan. 21, 9:16 AM | 1 Comment
  • Nov. 24, 2015, 2:57 PM
    • Bertelsmann is shopping for a partner who could help it buy the rest of Penguin Random House -- if Pearson (NYSE:PSO) wants a way out of its near-half, Reuters reports.
    • Pearson and Bertelsmann had committed in the 2012 venture to hold their shares for at least three years, with a right of first refusal. In September, despite a refocus on its core education business, Pearson said it still planned to hold on to its stake -- worth an estimated €2B -- until at least 2017.
    • That's the year when the companies could sell shares via an IPO instead of to each other.
    • Bertelsmann holds 53% of Penguin Random House and is looking around for private-equity partners who could help if Pearson changes course; Bertelsmann has its own heavy investments planned in building its own education business.
    • Talks between Bertelsmann and Pearson are expected to pick up again next year, the sources said.
    • Previously: Pearson CEO: Planning to keep Penguin Random House for two more years (Sep. 11 2015)
    | Nov. 24, 2015, 2:57 PM
  • Nov. 12, 2015, 9:17 AM
    | Nov. 12, 2015, 9:17 AM
  • Oct. 26, 2015, 10:56 AM
    • Pearson (PSO +2%) has named Sidney Taurel its new chairman of the board.
    • Taurel -- a drug industry veteran and the former CEO of Eli Lilly -- replaces Glen Moreno, who will leave the post on Dec. 31 after holding it for a decade.
    • Taurel is also on the boards of IBM and McGraw Hill Financial, as well as serving as senior advisor at Moelis & Co. He was CEO of Eli Lilly for 10 years up to 2008, and chairman for much of that time.
    | Oct. 26, 2015, 10:56 AM
  • Oct. 22, 2015, 12:31 PM
    • Pearson (NYSE:PSO) is down another 4.8% today amid downgrades by Bank of America and JPMorgan Chase.
    • Shares had tumbled nearly 17% yesterday after it cut guidance in a dire warning about the continuing "cyclical and policy-related factors which have been hurting our markets for some years."
    • Bank of American/Merrill Lynch downgraded shares to Neutral, from Buy. JPMorgan downgraded shares to Neutral, from Overweight.
    • Earlier this week, Liberium Capital reiterated its Sell rating on the stock.
    • Pearson ADRs are now down 30.7% over the past six months.
    • Previously: Pearson slides 16% as it cuts guidance (Oct. 21 2015)
    | Oct. 22, 2015, 12:31 PM
  • Oct. 22, 2015, 9:14 AM
    | Oct. 22, 2015, 9:14 AM
  • Oct. 21, 2015, 12:49 PM
    | Oct. 21, 2015, 12:49 PM | 1 Comment
  • Oct. 21, 2015, 9:25 AM
    | Oct. 21, 2015, 9:25 AM