On Sept. 3 before the market opened, John Wiley & Sons, Inc. JW.A released its results for the fiscal 2021 first quarter, which ended July 31.
Key metrics
The Hoboken, New Jersey-based company recorded adjusted earnings per share of $0.29 in the fiscal first quarter. The publisher's revenue of $431 million was up 2% on a year-over-year basis.
President and CEO Brian Napack had the following to say:
"Wiley's core strategies in open research and online education are paying off with unprecedented gains in Research article output and content consumption, strong online enrollment growth, and record new adoption of digital courseware. The Wiley team is executing well through the pandemic as we continue to take advantage of market-driven growth trends in Research and Education, while driving further efficiency gains across our business."
Segment details
In the Research Publishing & Platforms segment, revenue inched up 5% in the first quarter due to growth in the open access research publishing and digital courseware. Adjusted Ebitda (at constant currency) surged 19% as compared to the year-ago period.
Revenue dropped 12% year-over-year in the Academic & Professional Learning segment. Results were primarily weighed down by retail closures, which adversely impacted printing of books. In addition, postponement of on-site corporate training took a toll on revenue. Adjusted Ebitda dropped 23% at constant currency, reflecting revenue performance, which was partially negated by low discretionary spending.
In the Education Services segment, revenue rose 29% in the reported quarter thanks to a 4% organic growth in Online Program Management (OPM) services. Adjusted Ebitda surged to $8 million on account of business optimization savings.
Financials and share repurchases
At the end of the quarter, the company had $101 million in cash on hand. In addition, the company had $650 million available under its undrawn revolving credit facility.
The company has temporarily suspended its stock buyback program.
Looking ahead
Unable to predict the duration and impact of the pandemic on business, the company pulled its guidance for fiscal 2021.
Disclosure: I do not hold any positions in the stocks mentioned.
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