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Houghton Mifflin Harcourt swings to loss in Q2

Houghton Mifflin Harcourt Co. said its normalized net income for the second quarter amounted to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of 21 cents per share.

The per-share result swung to a loss from the prior-year profit of 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $10.0 million, compared with income of $11.5 million in the prior-year period.

The normalized profit margin declined to negative 2.6% from 2.9% in the year-earlier period.

Total revenue declined 5.5% on an annual basis to $379.9 million from $401.9 million, and total operating expenses rose year over year to $390.1 million from $378.9 million.

Reported net income came to a loss of $8.4 million, or a loss of 6 cents per share, compared to income of $11.4 million, or 8 cents per share, in the prior-year period.