Operating income rose 23.5% at John Wiley for the quarter ended July 31, over the comparable period a year ago. Income in the most recent quarter was $36.1 million, up from $12.6 million. Revenue slipped slightly, dipping to $410.9 million from $411.4 million.
Revenue rose 1% in Wiley’s research segment over the first quarter of fiscal 2018, to $225 million. Revenue increased 8% in the company's solutions business, to $61 million. Sales, however, fell 5% in the publishing group, to $125 million.
The drop in Wiley's publishing business was due to a 16% decline in the group’s education publishing unit (largely publishing for the higher education market), which offset 3% revenue gains in its STM and professional publishing segment.
In a prepared statement, Brian Napack, Wiley's president and CEO, said: “First quarter performance was consistent with our expectations.”
For the full fiscal year, Wiley anticipates low-single digit revenue growth in its research and solutions groups offset by a low-single digit revenue decline in publishing.