John Wiley & Sons Inc. (JWA) a provider of content and content enabled digital services, Thursday reported lower profit for the third quarter, which it attributed mainly to a tax benefit enjoyed for the corresponding period last year. Adjusted earnings per share however, were well above analyst expectations. The company further said its guidance for the full-year is unchanged on an operating basis. Also, as part of the implementation of the restructuring program announced earlier, the firm expects to record a charge of approximately $25 million in the fourth quarter.
For the period, the firm posted net earnings of $57.1 million, down from $62.9 million last year. On a per share basis earnings for the quarter slipped to $0.95 from $1.03 a year back.
Adjusted for operational results of divested consumer programs, the company posted earnings per share of $0.93 for the quarter.
Two analysts on average polled by Thomson Reuters estimated earnings per share of $0.83 for the quarter. Analysts estimates typically exclude one-time items.
Income tax expense for the reporting period was $21.89 million versus $13.01 million last year. The company further enjoyed a tax benefit of $8 million for the comparable prior-year period.
Revenue for the quarter however, rose to $472.43 million from $451.11 million last year, and was above consensus estimate of $455.95 million.
Looking forward, the firm said it still expects full-year earnings per share of approximately $2.95 to $3.05. Street is currently looking for earnings per share of $2.98 for the full fiscal year.
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