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Pearson says 2014 earnings to fall

Reuters - UK Focus

LONDON, Feb 28 (Reuters) - British publisher Pearson (Dusseldorf: PES.DU - news) said it expected 2014 earnings to fall, after publishing full-year results within the range of already downgraded forecasts due to the hit from the deteriorating U.S. education market.

Pearson (NYSE: PSO - news) , the 170-year-old education and media group which is restructuring under new leadership to grow again in 2015, has endured a tough 2013, downgrading its guidance twice.

On Friday it reported 2013 adjusted earnings per share of 70.1 pence after restructuring charges, down from 82.6 pence last year. It said at current exchange rates, 2014 adjusted EPS should be between 62 pence and 67 pence.

The British group, which also owns the Financial Times, warned in January that its 2013 earnings would be lower than expected due to higher restructuring costs and poor demand for its North America education business in its key selling quarter.