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Scholastic Corporation (NASDAQ:SCHL) shares are trading lower in Thursday's after-hours session following the company's worse-than-expected second-quarter financial results. Here's a summary.
What To Know: Scholastic reported adjusted quarterly earnings of $2.45 per share, missing the Street's estimate of $2.65, an increase of 16% compared to the same period last year.
Quarterly revenue of $562.60 million also fell below analyst expectations of $625.22 million, representing a decline of 4% compared to the same period last year.
While revenues decreased, mainly due to "reduced, more targeted promotional spending and the elimination of unprofitable orders in Book Clubs," profits improved, with operating income growing $1.2 million from $100.1 million a year ago.
Also, the company's Board approved an additional $66 Million for share repurchases.
Scholastic sees full-year 2024 adjusted EBITDA between $165 million and $175 million, versus the previous estimate of between $190 million and $200 million. The company anticipates full-year revenue to be approximately level with or slightly below the prior year versus growth of 3% to 5% estimated previously.
Peter Warwick, President and CEO, said, "During the seasonally important, back-to-school second quarter, Scholastic delivered again on its mission and long-term opportunity as we face a currently complex environment in U.S. schools. School Book Fairs achieved higher fair count and solid second quarter sales, and we began the process of strategically repositioning our School Book Clubs as part of the integrated School Reading Events business."
"Education sales remained stable, reflecting Scholastic's unique ability to support literacy by providing children access to engaging book collections through our state and district partnerships. We also continued to invest in our strategy to drive long-term growth and shareholder value. We returned over $58 million to shareholders through share buybacks and our dividend."
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SCHL Price Action: Shares of SCHL were down 11.3% at $36.81 in the after-hours session at the time of publication, according to Benzinga Pro.
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Posted In: SCHL
