Pearson PLC raises full-year guidance

[January 19, 2011]  LONDON (AP) -- Pearson, the publisher of Penguin books and the Financial Times, raised its earnings guidance for 2010 on Wednesday as it reported a strong performance in all divisions.

The company said it expects to report adjusted earnings per share of 76 pence ($1.22), up from the previous guidance of 72 pence.

Pearson shares were up 5 percent at 1,057 pence in early trading on the London Stock Exchange.

Earnings growth was led by its education division which gets about 60 percent of its sales in North America, where it gained market share last year, Pearson said.

The Financial Times Group achieved "substantial" profit growth, and Penguin will report record results, Pearson said.

"For the third successive year, our growth is vigorous even though market conditions have been anemic," said Marjorie Scardino, the company's chief executive.

Pearson will publish its full-year results on Feb. 28.

[Associated Press]

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