Continued weakness in the library reference and IT testing and certification markets as well as reduced demand for older textbooks limited the sales increase at Thomson Corp.'s learning group to 1%, to $714 million, in the third quarter ended September 30. Thomson said that sales of new college textbooks were up in the period as were international sales; the group also benefited from favorable currency exchange. Adjusted operating profit rose 12%, to $218 million, which the company attributed to improved performances in some lifelong learning units as well as to one-time Harcourt integration charges that were taken last year.
For the nine-month period, adjusted operating profit in the learning group rose 14%, to $171 million on a 1% revenue gain, to $1.44 billion.
For the entire company, third quarter adjusted operating profit increased 11%, to $514 million, on a 3% increase in sales, to $2.09 billion. Adjusted operating profit for the nine months was up 11%, to $921 million, while revenue rose 2%, to $5.45 billion.