Pearson Lifts 2011 Profit Forecast

Pearson PLC PSO lifted its 2011 earnings forecast. Pearson's first half adjusted EPS climbed 1% to 16.6 pence. Its first half net profit dropped to GBP60 million from GBP92 million. Pearson's adjusted operating profit from continuing operations gained 17% to GBP208 million, versus analysts' expectations of GBP179 million. Its sales surged 6% to GBP2.4 billion, from GBP2.34 billion, in the year-ago period. Analysts expected sales of GBP2.38 billion. The company now projects full-year adjusted earnings per share to be about 80 pence per share, versus analysts' estimates of 79 pence per share. Pearson also declared an interim dividend of 14 pence per share, up from 13 pence, in the year-ago period. Pearson shares gained 0.22% to close at $18.43 yesterday.