Barnes & Noble Education (NYSE:BNED) reported its latest quarterly earnings results after the bell Wednesday, sending shares soaring as the company topped analysts’ expectations on the earnings and revenue fronts.
The company announced that it had a positive fourth quarter to end its fiscal 2018, amassing net income of $17.1 million for the period, or a profit of 36 cents per share. The figure was 38 cents per share better than the Wall Street consensus estimate of a loss of 2 cents per share.
On the revenue front, Barnes & Noble Education unveiled revenue of $357.7 million, which was better than what analysts were calling for at $340.86 million. For the year, the company posted a loss of $252.6 million, which was roughly $5.40 per share. Revenue for the fiscal year came in at around $2.2 billion.
“We delivered very solid operating performance this year,” said Barnes & Noble Education CEO Michael P. Huseby. “We also began in earnest to transform the Company and develop scalable digital solutions that will help us better serve our institutional partners and students. We are confident that we are making the investments and taking the actions necessary for BNED to effectively compete and win in an evolving educational services market place.
The company projects that for its fiscal year 2019, revenue will be in the range of $2.2 billion to $2.3 billion.
BNED stock was up about 7.3% after the bell Wednesday on the company’s strong quarterly earnings showing. The stock also surged about 4.3% during regular trading hours in anticipation of these results.