John Wiley profit beats estimates
(Reuters) - John Wiley & Sons Inc's (JWa.N) quarterly profit came in above analysts' estimates and the publisher said it would outsource or relocate some operations to a lower-cost region.
The Hoboken, New Jersey-based company said it has identified units that will either be outsourced or discontinued as part of its transition to digital format and will record a charge of $4.5 million in the first quarter.
"We will continue to explore ways of improving our cost structure to fund investments that accelerate and sustain our digital transformation," Chief Executive Stephen Smith said in a statement.
The company, which provides content for scientific, medical, and technical research, reported a fourth-quarter profit of $48.3 million, or 80 cents per share, compared with $28.6 million, or 46 cents a share, last year.
Revenue rose 2 percent to $454.6 million. Digital products and services contributed just over 40 percent to total revenue.
Analysts on average had expected earnings of 73 cents per share, on revenue of $454.7 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at $45.00 on the New York Stock Exchange on Monday.
(Reporting by Neha Alawadhi in Bangalore; Editing by Maju Samuel)