Pearson Raises 2011 Profit Forecast For Third Time
19 Januar 2012 - 8:53AM
Dow Jones News
Publisher Pearson PLC (PSON.LN) Thursday raised its profit
guidance for 2011 for the third time this year, underpinned by
growth in digital services and emerging markets as well as its
bolt-on acquisitions.
Pearson now expects 2011 adjusted earnings per share, which
excludes intangibles such as goodwill, to be up around 10% to 85.25
pence from its previous estimate of around 83 pence a share. In
2010, the group posted adjusted EPS of 77.5 pence a share.
The U.K.-based company said it generated about GBP2 billion of
digital revenue in 2011 and approximately GBP600 million of revenue
in emerging markets. It didn't provide total revenue or net profit
forecasts.
Pearson said its 2011 results "will show a good contribution
from new bolt-on acquisitions even after expensed integration
costs."
Pearson publishes the Financial Times newspaper and Penguin
books, but it is dominated by its large education division, whose
departments include FT Prentice Hall, Longman and York Notes.
Education accounts for more than 60% its total earnings and
sales.
Pearson's North American Education unit is its largest business,
but the group is looking to emerging markets such as Brazil and
India for growth. The company has made several acquisitions
following the sale of its 61% stake in financial market data
provider Interactive Data Corp. in May 2010 for $2 billion before
tax.
In December, Pearson sold its 50% stake in FTSE International
Ltd. for GBP450 million, marking the group's exit from companies
that are primarily providers of financial data.
Pearson will publish its 2011 results on Feb. 27.
The company's shares closed at 1246 pence Wednesday, valuing the
company at GBP10.14 billion. The stock has risen 24% over the past
12 months due to its solid earnings performance, outperforming the
FTSE 100 index, which has fallen 5.9% over the same period.
-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290;
lilly.vitorovich@dowjones.com
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