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Name | Symbol | Market | Type |
---|---|---|---|
Pearson Plc | NYSE:PSO | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 0.72% | 12.56 | 12.595 | 12.54 | 12.59 | 73,888 | 16:02:50 |
By Simon Zekaria
LONDON--Pearson PLC (PSON.LN) Wednesday warned that its full-year operating profit is expected to be lower, even as sales grew for the U.K. publisher and education specialist as it pushes harder into the world's high-growth markets.
Pearson, which generates about 60% of its revenue in North America, said its fiscal 2013 adjusted operating profit before restructuring charges will be affected by changes to accounting of its publishing joint venture Penguin Random House and weak market conditions for college textbooks in North America.
It reiterated it expects to report fiscal-year adjusted earnings per share, excluding restructuring costs, to be broadly flat year-on-year.
Nine-month sales rose 4% at constant exchange rates, compared with 5% growth in both the same period last year and first half. Penguin sales are no longer included in group performance. Net profit and absolute figures were not disclosed.
The company, which also has high-profile consumer titles such as the Financial Times newspaper and book publisher Penguin, said international education showed "good growth", as well as a "resilient" performance from FT Group and North American education.
"Market conditions remain strong in digital, services and emerging markets, but are more challenging in some of our largest textbook publishing markets," said Pearson Chief Executive John Fallon.
Pearson, booking gross restructuring costs of approximately GBP150 million ($240.7 million) in 2013, is spending to accelerate the shift of its education businesses to emerging economies and prioritize digital content, software and services over print-based publishing.
Following completion of the Penguin Random House merger on 1 July Pearson consolidates its share of Penguin Random House's post-tax profit into Pearson's operating profit. Previously, Penguin's operating profit was reported before tax.
Pearson shares closed Tuesday at 1365 pence, valuing the company at GBP11.2 billion. The stock has risen 14.9% in the year to date.
Write to Simon Zekaria at simon.zekaria@wsj.com
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