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Houghton Mifflin Harcourt Q1 loss narrows YOY

Houghton Mifflin Harcourt Co. said its normalized net income for the first quarter came to a loss of 61 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 99 cents per share.

The per-share loss decreased 5.0% year over year from 64 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $86.2 million, compared with a loss of $89.2 million in the year-earlier period.

The normalized profit margin increased to negative 53.0% from negative 58.0% in the year-earlier period.

Total revenue climbed 5.7% on an annual basis to $162.7 million from $153.9 million, and total operating expenses came to $292.4 million, compared with $292.3 million in the year-earlier period.

Reported net income totaled a loss of $159.4 million, or a loss of $1.12 per share, compared to a loss of $147.0 million, or a loss of $1.05 per share, in the year-earlier period.