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Houghton Mifflin Soars on Report It Is Exploring Sale, PE Firms Interested

Stock MarketsJan 19, 2022 03:52
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© Reuters.

By Dhirendra Tripathi

Investing.com – Shares of Houghton Mifflin Harcourt (NASDAQ:HMHC) surged 10% Tuesday on a Bloomberg report that the education materials publisher is exploring a possible sale of the company.

Private equity firms are interested in bidding for the company, the report said. No final decision has been made and the company could opt to remain independent, according to the report.

The company’s stock has more than quadrupled in last one year.

Houghton Mifflin, led by Chief Executive Officer John Lynch, offers science, math and languages programs to more than 50 million students in 150 countries, according to its website.

For the third quarter ended Sept. 30, the company’s net sales grew 26% year-on-year to $417 million while income was $95 million compared to a loss a year ago. Third-quarter billings rose 22%, to $548 million.

For the full year, it expects total billings to come in between $1.07 billion and $1.09 billion.

 

Houghton Mifflin Soars on Report It Is Exploring Sale, PE Firms Interested
 

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