Pearson Backs 2018 Guidance After 1Q Underlying Revenue Rose 1%

Date : 05/04/2018 @ 2:52AM
Source : Dow Jones News
Stock : Pearson, (PSO)
Quote : 11.34  0.02 (0.18%) @ 4:00PM

Pearson Backs 2018 Guidance After 1Q Underlying Revenue Rose 1%

Pearson (LSE:PSON)
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   By Adria Calatayud 
 

Pearson PLC (PSON.LN) on Friday confirmed its earnings guidance for 2018 after underlying revenue rose 1% in the first quarter.

In the three months ended March 31, the FTSE 100-listed education company said it delivered a 3% increase in underlying revenue in North America--the company's largest market--which was partially offset by phasing segment at its South African school courseware segment.

The company said it made a good start to the year and that its first-quarter performance was in line with expectations, but noted that its sales are significantly weighted toward the second half of the year.

Pearson said it expects an adjusted operating profit of between 520 million and 560 million pounds ($706.5 million-$760.8 million) for the full year, and adjusted earnings per share of between 49 pence and 53 pence, including businesses held for sale.

The company said it is progressing in negotiations for the sale of its U.S. K-12 courseware business.

Pearson also said it is on track to deliver GBP300 million of annualized cost savings by 2020, and that cumulative savings of GBP95 million will be achieved by the end of 2018.

 

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

 

(END) Dow Jones Newswires

May 04, 2018 02:37 ET (06:37 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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