Houghton Mifflin reports Q4 EPS (46c), may not compare to consensus 95c Reports Q4 revenue $299M, may not compare to consensus $550.15M. The company says its Q4 net sales are primarily as a result of an agreement with a reseller for product sales in private, parochial and charter school markets similar to a 4Q12 reseller transaction. Adjusted EBITDA for Q4 was $55M.
Houghton Mifflin downgraded at Morgan Stanley As previously reported, Morgan Stanley downgraded Houghton Mifflin to Equal Weight from Overweight. The firm expects reduced 2016 revenue growth as tailwinds from new Common Core teaching standards slow, a reduction in state budgets, and said digital adoption is years away. Price target lowered to $18.