Houghton Mifflin Harcourt Announces Second Quarter 2017 Results

Houghton Mifflin Harcourt Announces Second Quarter 2017 Results

  • Reports net sales of $393 million and billings of $395 million
  • Reaffirms full-year 2017 outlook

“As we head into the third quarter, which is historically the busiest quarter in HMH’s selling season, we are encouraged by our results for the first half of 2017,” said Jack Lynch, Chief Executive Officer of HMH. “We experienced strong net sales and billings growth within the extensions of our core Basal business, which are comprised of intervention, professional learning and supplemental products and services, and we took important steps to reduce our fixed cost base and improve our operating efficiency.”

Joe Abbott, Chief Financial Officer of HMH added, “We remain on track to deliver against the targets we set at the start of the year and continue to progress our next generation program and platform development in advance of the large new adoption opportunities we anticipate in 2018 and 2019.”

Second Quarter 2017 Financial Results:

Net Sales and Billings: Sales for the second quarter were $393 million, up 0.3% or $1 million, year over year. The net sales increase was driven by a $4 million increase in our Trade Publishing segment, partially offset by a $3 million decrease in our Education Segment. Within our Trade business, the increase was due to frontlist releases Papi and the latest edition to the Tolkien anthology Beren and Luthien, stronger eBooks, such as Handmaid’s Tale, and backlist print title sales. Within our Education Segment, which includes our Basal business and our Extension businesses, the decline in year over year net sales was attributed to our Basal business, which declined by $27 million from $214 million in 2016 to $187 million.

The primary drivers of the decrease on our Basal business, which includes international sales, were lower net sales of Basal math programs across adoption and open territory states and lower net sales from our international business, primarily due to a large Department of Defense order in the prior year not repeating in 2017. Partially offsetting the decrease in our Basal business were higher net sales of our Extension businesses, which primarily consists of Heinemann, intervention, supplemental and assessment products as well as professional services. Extensions for the quarter increased $25 million from $139 million in 2016 to $164 million. The primary drivers of the increase in our Extensions were higher intervention sales primarily due to Read 180 Universal and an increase in our Heinemann business net sales driven primarily by our Classroom Libraries offering. Billings for the second quarter of 2017 were $395 million, down 4% or $18 million compared with $413 million for the same period in 2016.

read more/source: http://www.hmhco.com/media-center/press-releases/2017/august/q2-2017-earnings-results

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