Pearson 2019 Preliminary Results (Unaudited)

Underlying revenue flat year on year: • Core grew 5% and Growth 4%, offset by 3% decline in North America. • Growth of 4% in the businesses excluding US Higher Education Courseware offset by declines in US Higher Education Courseware of 12%. Adjusted operating profit up 6%: • Adjusted operating profit of £581m for 2019 (2018: £546m). • Adjusted earnings per share of 57.8p (2018: 70.3p) reflecting an effective tax rate charge of 16.5% in 2019 compared to a credit of 5.2% in 2018. Statutory results: • Sales decreased by 6%, or £260m, in headline terms. This was primarily due to portfolio changes reducing sales by £347m partially offset by currency movements increasing revenue by £97m. • Statutory operating profit was £275m (2018: £553m). The decrease is largely due to the reduced gains on disposals together with increased intangible and restructuring charges which more than offset the increase in adjusted operating profit.
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Canfor Corporation Announces 2019 and Fourth Quarter 2019 Results

Overview: • 2019 reported operating loss of $294 million; adjusted operating loss of $92 million; shareholder net loss of $263 million, or $2.10 per share • Fourth quarter of 2019 reported operating loss of $60 million; adjusted operating loss of $33 million; shareholder net loss of $39 million, or $0.31 per share. In contrast to the record-high lumber and pulp prices seen in 2018, weaker than anticipated global lumber and pulp demand for much of 2019 in combination with excess inventory levels gave rise to a sharp drop in market pricing for both lumber and pulp products in the current year. The deterioration in market conditions, in combination with ongoing fibre supply challenges and significant log cost increases in British Columbia (“BC”) resulted in extensive temporary and permanent sawmill curtailments across BC, as well as summer curtailments at Canfor Pulp. On a more positive note, 2019 marked a year of transformational global diversification for Canfor with the acquisition of 70% of the Vida Group (“Vida”) in early 2019, and the Company’s continuing expansion in the US South, including the acquisition of Elliott Sawmilling Co., LLC (“Elliott”). For the 2019 year, the Company reported an operating loss of $294.3 million, in sharp contrast to operating income of $608.6 million reported for the year ended December 31, 2018.
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Canfor Pulp Products Inc. Announces 2019 and Fourth Quanter 2019 Results

Overview: • 2019 reported operating loss of $31 million; net loss of $31 million, or $0.47 per share • Fourth quarter of 2019 reported operating loss of $24 million; net loss of $20 million, or $0.30 per share. Following record-high pulp prices and operating income in 2018, Canfor Pulp saw a sharp reversal of market conditions in 2019, which along with the impact of significant sawmill curtailments on supply and costs, weighed heavily on financial results. For the 2019 year, the Company reported an operating loss of $31.0 million and a net loss of $0.47 per share, compared to operating income of $246.6 million and net income of $2.83 per share for the year ended December 31, 2018.
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Allied Printing is Serious About Sustainability (whattheythink.com)

Allied Printing Company’s Print One Plant One™ program takes aim at offsetting their carbon footprint and repairing damaged environments. Partnering with Reduce Reuse Grow Inc., Allied is committed to planting 55 million plants through native seed and seedlings in 2020 with this innovative sustainability program tied to print and direct mail. “For every print piece produced or mailed, Allied will plant a native plant,” says Alex Henige, CEO of Reduce Reuse Grow Inc. “By maximizing Allied’s annual volume, we are able to provide an economy of scale and collaborate with professional restoration groups to determine North American sites and restore them with plantings that deliver real ecological benefits.”
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Sales, Earnings Down in 2019 at S&S (publishersweekly.com)

A bad fourth quarter contributed to a decline in sales and earnings at Simon & Schuster in 2019 compared to 2018. In the first earnings report since the merger of CBS and Viacom late last year, which formed ViacomCBS, S&S’s new parent company reported that the publisher’s revenue fell 1%, to $825 million, and that OIBDA (operating income before depreciation and amortization) declined to $143 million, from $153 million in 2018. Bright spots for the year included digital audio, where sales rose 15% over 2018, and e-book sales, which increased for the first time in at least three years, up 1% over 2018, Reidy reported. Overall, digital sales in 2019 increased 7%, but the gain was not enough to offset a drop in print book sales. Sales in the children's group were also up, while adult group revenue fell compared to 2018.
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Publishers Are Reinvesting in the ‘Lean-Back’ Experience of Print Magazines (pubexec.com)

Retailers like REI and Callaway Golf aren’t the only companies debuting print magazines these days. Despite flipping the “digital-only” switch on many titles, major publishers continue to launch new publications – and reinvest in existing ones – with a heightened focus on paper quality, editorial value, and the luxuries of the print experience. On Jan. 30, Hearst Autos announced a new luxury magazine for auto enthusiasts called R&T, a lifestyle counterpart to Road & Track magazine that will be printed on premium oversized paper stock. A day earlier, Meredith Corporation announced a larger trim size and improved paper quality for its monthly Travel + Leisure, beginning with the March 2020 issue. Meredith’s new Property Brothers title, Reveal, also hit newsstands in January, as did the company’s revamped quarterly Rachael Ray magazine on upgraded stock.
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Renewable, recyclable and responsibly-sourced at the Sustainable Retail Summit

Taking place in Berlin late last year, the Consumer Goods Forum’s Sustainable Retail Summit, a global network for the consumer goods industry, focused on those burning issues. We were present at the Summit to discuss the benefits that packaging from sustainable sources can have for a more sustainable industry. We teamed up with the Sustainable Forestry Initiative (SFI) and PEFC Germany for a special session, taking a deep dive into sustainable packaging and sustainable forest management. Panelists from the public sector and the industry, including Coca-Cola, Heineken and Metsä Group, discussed the role of forests in biodiversity conservation, land erosion prevention and energy production, and how they can help support the SDGs.
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Trucking Industry Welcomes News that Governor Lamont is Dropping Truck Tolls

ATA President and CEO Chris Spear issued a statement after Connecticut Governor Ned Lamont told reporters he is pulling the plug on plans for truck-only tolls in Connecticut. The news in Connecticut comes less than a week after the Wyoming state legislature defeated a similar tolling scheme. Rhode Island’s truck-only tolls face an uncertain future, after a court ruling in December allowed a trucking industry lawsuit challenging the constitutionality of the program to proceed in federal court.
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Aptar Reports Fourth Quarter and Annual Results; Recaps Year of Pharma Services Acquisitions and Multiple New Drug Delivery Launches; Highlights Strategic Steps to Strengthen Beauty Business

Fourth Quarter 2019 Summary: *Reported sales decreased 2% and were negatively affected by changes in currency exchange rates *Core sales, excluding currency and acquisition effects, declined 1% including a negative impact from passing on lower resin costs *Core sales growth in our Pharma segment was offset by decreases in core sales in our other segments *Reported net income of $49 million (up 19% compared to the prior year) Annual 2019 Summary: *Reported sales increased 3% *Core sales, excluding currency and acquisition effects, grew 3% *Reported earnings per share of $3.66 (up 22% compared to the prior year) *Reported net income of $242 million (up 24% compared to the prior year) *Free cash flow of $272 million
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TC Transcontinental closes sale to Hood Packaging Corporation

The closing of this transaction enables the Corporation to reduce its net indebtedness ratio to approximately 2.0x and gives it the flexibility needed to continue its transformation through targeted acquisitions. Hood Packaging Corporation, a wholly owned subsidiary of Hood Companies, Inc., acquires the following paper packaging operations and buildings of TC Transcontinental: Transcontinental Sibley, Iowa; Transcontinental Hanford, California; Transcontinental Hazleton, Pennsylvania; and Transcontinental Tifton, Georgia. In addition, Hood Packaging Corporation acquires the paper and woven polypropylene packaging operations at the Transcontinental Spartanburg, South Carolina plant.
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