Scholastic stock jumps 6% as publishing company calls for up to 5% revenue growth for the year
Shares of Scholastic Corp. (SCHL) rallied more than 6% in the extended session Thursday after the publishing company reported better-than-expected fiscal fourth-quarter profit and said it expects up to 5% revenue growth for the year. Scholastic said it earned $76 million, or $2.26 a share, in the quarter, compared with $52 million, or $1.46 a share, in the year-ago quarter. Revenue rose 3% to $529 million, the company said, mostly as its children's book publishing and distribution and book fairs businesses grew. Analysts polled by FactSet expected EPS of $1.70 on sales of $542 million. The company's board authorized an additional $100 million for share buybacks. Scholastic said it expects fiscal 2024 revenue growth of 3% to 5% and said it is targeting adjusted EBITDA of $190 million to $200 million for the fiscal year. "In addition to focusing on protecting margins and sustaining growth in fiscal 2024, the company is executing a longer-term strategy to drive growth, impact and shareholder value creation," the publisher said. Shares of Scholastic ended the regular trading day down 1.7%.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
07-20-23 1639ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
SiriusXM Earnings: Decent Results With Plan for Technology and Content Investment to Drive Growth
-
Coca-Cola Earnings: Solid Volume On Innovation and Digital Engagement
-
Is Berkshire Hathaway a Buy Before the Annual Meeting?
-
Investment Opportunities in the Drug Distribution Industry
-
Why the End of Quantitative Tightening Matters
-
Eli Lilly Earnings: Strong Weight-Loss Drug Sales Expand Margins
-
After Earnings, Is Meta Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Boeing Stock a Buy, a Sell, or Fairly Valued?