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Houghton Mifflin Soars on Report It Is Exploring Sale, PE Firms Interested -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Shares of Houghton Mifflin Harcourt (NASDAQ 🙂 surged 10% Tuesday following a Bloomberg report that Harcourt’s education material publisher was looking at a potential sale.

The report stated that private equity firms were interested in bidding to purchase the company. The report said that no decision was made yet and that the company might choose to remain independent.

The company’s stock has more than quadrupled in last one year.

According to Houghton Mifflin’s website, John Lynch is the Chief Executive Officer and offers language, science, and math programs to over 50 million students from 150 countries.

For the third quarter ended Sept. 30, the company’s net sales grew 26% year-on-year to $417 million while income was $95 million compared to a loss a year ago. Billings for the third quarter rose 22% to $548million.

It expects that total billings will be between $1.07 and $1.09 trillion for the entire year.

 

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