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%.
