John Wiley & Sons Inc. posted a year-over-decrease in quarterly earnings, and also cut its revenue guidance for the fiscal year 2023, citing softening consumer spending and enrollment challenges.
The publishing company reported earnings of 68 cents a share for the quarter ended Oct. 31, lower than 99 cents a share in the year-ago quarter. Adjusted earnings (i.e. stripping out one-time items, including restructuring charges) came in at $1.20 a share.
Revenue slipped -3% year-over-year to $514.8 million in the quarter. Education-services unit revenue grew +12% on growth in its talent-development services offset by a moderate decrease in university-services segment from market-related enrollment headwinds. Revenue from its research segment were down -1%,and fell -14% in its academic- and professional-learning unit on lower demand for print course material. The professional-learning business experienced substantial weakening as consumers pulled back, offsetting the increase in corporate-leadership training.
The company now expects fiscal year 2023 sales of $2.11 billion to $2.15 billion on a constant-currency basis, revising down its prior guidance of $2.175 billion to $2.215 billion. In fiscal year 2022, the company generated revenue of $2.08 billion.
The company maintained its adjusted earnings outlook at $3.70 to $4.05 a share, vs. $4.16 a share in fiscal year 2022.