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John Wiley & Sons Inc. (WLY) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports a decrease in consolidated revenue to $426.6 million, a 13% decline compared to the previous year, attributed to the divestiture of certain non-core businesses.
Operating income for the quarter increased to $64.1 million, a 39% rise from the prior year, due to lower costs and restructuring charges.
Net income for the quarter was reported at $40.5 million, translating to diluted earnings per share of $0.74, compared to a loss of $0.35 per share in the previous year.
The company completed the sale of its CrossKnowledge and Wiley Edge businesses, resulting in a net gain of $0.4 million for the quarter.
John Wiley & Sons continues to focus on its core businesses in Research and Learning, with adjusted revenue for these segments showing growth compared to the previous year.
The company reported cash and cash equivalents of $75.5 million as of October 31, 2024, with a significant portion held outside the US.
John Wiley & Sons anticipates further restructuring charges related to severance and facility costs in future periods as part of its Global Restructuring Program.
The filing includes a discussion of market risks, including interest rate and foreign exchange risks, and outlines the company's hedging strategies.
The company did not report any significant changes in its legal proceedings or risk factors since its last annual report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the John Wiley & Sons Inc. quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.