PRH Earnings Dip in 'Transformative Year'
Posted at 12:59PM Wednesday 26 Mar 2014
Although operating EBIT fell 4.9% in the year at Penguin Random House, executives at parent company Bertelsmann had nothing but good things to say about the results from the world's largest trade publisher. Total sales at PRH were 2.66 billion euros in 2013, up from 2.14 billion euros, though Bertelsmann said that excluding the six month revenue from Penguin revenues were down. Operating EBIT fell to 309 million euros from 325 million euros in 2012, a year in which Fifty Shades led to record results at the company. EBIT includes earnings from Penguin following the July 1 completion of the merger as well as one-time write-downs associated with the deal.
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