Houghton Mifflin Harcourt Q3 Profit Rises, Announces Buyback - Quick Facts

(RTTNews) - Education company Houghton Mifflin Harcourt Co. (HMHC) said third-quarter net income increased to $107.03 million from last year's $105.11 million. Earnings per share were flat at $0.75.

On average, seven analysts polled by Thomson Reuters expected earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales were $551 million, compared with $550 million for the third quarter of 2013. Analysts expected revenues of $626.53 million.

Net Sales for 2014 are now expected to be approximately flat due to the increase in deferred revenue primarily as a result of the rapid uptake of digital content and change in product mix.

Further, the company said its Board of Directors has authorized the repurchase of up to $100 million of shares of common stock.