[ACCESSWIRE]
Upcoming AWS Coverage on Scholastic Corp. Post-Earnings Results
LONDON, UK / ACCESSWIRE / December 15, 2016 / Active Wall St. announces its post-earnings coverage on John Wiley & Sons, Inc. (NYSE: JW-A) ("Wiley"). The Company reported its second quarter fiscal 2016 (Q2 FY17) earnings on December 07, 2016. The Hoboken, New Jersey-based Company's revenue and adjusted EPS fell 2% and 3% y-o-y; however they beat market consensus estimates. Register with us now for your free membership at: http://www.activewallst.com/register/.
One of John Wiley & Sons' competitors within the Publishing - Books space, Scholastic Corp. (NASDAQ: SCHL), announced that it will release its second quarter fiscal year 2017 earnings results on Thursday, December 15, 2016 at approximately 7:00 AM ET, and it will hold a conference call on the same day at 8:30 AM ET hosted by Richard Robinson, Chairman, President and CEO, and Maureen O'Connell, Executive Vice President, CAO and CFO. AWS will be initiating a research report on Scholastic in the coming days.
Today, AWS is promoting its earnings coverage on JW-A; touching on SCHL. Get our free coverage by signing up to:
http://www.activewallst.com/registration-3/?symbol=JW-A
http://www.activewallst.com/registration-3/?symbol=SCHL
Earnings Reviewed
For Q2 FY17, Wiley's revenue came in at $425.59 million compared to $433.36 million in Q2 FY16. Revenue number for Q2 FY17 beat market expectations of $422 million. Furthermore, the Company's revenue grew 2% y-o-y on a constant currency basis in Q2 FY17.
In Q2 FY17, GAAP operating income fell to $47.64 million, or 11.2% of revenues, from $60.27 million, or 13.9% of revenues, in Q2 FY16. Furthermore, adjusted operating income for Q2 FY17 came in at $63.33 million, or 14.9% of revenues, compared to $63.96 million, or 14.8% of revenues, in the previous year's same quarter.
The book and journal publisher reported GAAP net loss of $11.45 million, or $0.20 loss per diluted share, in Q2 FY17 compared to GAAP net income of $43.60 million, or $0.74 per diluted share, in the prior year's comparable quarter. However, the company's adjusted net income for the quarter came in at $43.58 million, or $0.76 per diluted share, versus $45.95 million, or $0.78 per diluted share in the last year quarter. Furthermore, the company's Q2 FY17 adjusted net income beat market consensus estimates of $0.70 per diluted share.
Segment-Wise
During Q2 FY17, the Company's Research's GAAP revenues fell to $205.99 million from $207.66 million in Q2 FY16; however, on a constant currency, adjusted revenues grew 5% y-o-y. In Q2 FY17, the segments GAAP profit fell 6% y-o-y to $60.29 million, but was essentially flat on an adjusted basis.
Wiley's Publishing's revenues declined 7% y-o-y on a GAAP basis to $163.30 million and was also down by 5% at a constant currency basis. However, the segment's profit contribution rose 6% y-o-y on a GAAP basis to $36.49 million and was also up by 8% at constant currency.
In Q2 FY17, Solutions' revenue rose 14% on both GAAP and constant currency basis to $56.30 million. Furthermore, the segment's profit surged 120% on a GAAP basis to $5.36 million, while it surged 129% on an adjusted basis.
Balance Sheet
In six months ended October 31 2016, Wiley's net cash used in operating activities totaled $86.09 million compared to net cash used in operating activities of $126.52 million in the previous year period. Furthermore, the company reported negative free cash flow of $155.43 million in the second quarter of FY17 compared to negative free cash flow of $192.73 million in the prior year's same period.
As on October 31, 2016, the company had $267.41 million in cash and cash equivalents compared to a balance of $308.24 million as on October 31, 2015. Additionally, the company had reported long-term debt of $883.99 million in its books of accounts as on October 31, 2016, compared to $739.05 million as on October 31, 2015.
Share Repurchases
During Q2 FY17, Wiley's repurchased 193,955 shares at an average cost of $51.56 per share for a total of $10.0 million. The company had a balance of over 4.3 million shares under its stock repurchase authorization at the end of Q2 FY17.
Earnings Outlook
Wiley's management reaffirmed the company's outlook for full year FY17 and expects total revenue growth to be flat with a mid-single digit decline in adjusted EPS, excluding foreign exchange.
Stock Performance
On December 14, 2016, John Wiley & Sons' Class A share price finished yesterday's trading session at $55.50, falling 1.16%. A total volume of 195.26 thousand shares exchanged hands. The stock has rallied 13.17% and 26.59% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the company have surged 25.56%. The stock is trading at a PE ratio of 36.37 and has a dividend yield of 2.23%.
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