Scholastic (NASDAQ:SCHL) earnings for the publishing company’s fiscal first quarter of 2021 have SCHL stock on the rise Friday. This comes after reporting adjusted losses per share of 90 cents on revenue of $215.2 million. For comparison, Wall Street was expecting adjusted per-share losses of $1.74 on revenue of $219 million.
Here’s what else is worth mentioning from the most recent Scholastic earnings report.
- Adjusted per-share losses are 43% better than the $1.59 reported during the same time last year.
- Revenue for the quarter comes in 7% lower than the $232.6 million reported in the fiscal first quarter of 2020.
- Operating loss of $57 million is a 35% improvement year-over-year from $87.4 million.
- The Scholastic earnings report also has net loss coming in at $39.8 million.
- That’s a 32% improvement over the company’s net loss of $58.5 million from the same period of the year prior.
Richard Robinson, chairman, president and CEO of Scholastic, said this in the earnings report.
“The successful execution of our previously announced $100 million cost savings program significantly improved the Company’s quarterly operating loss and cash used in operating activities year-over-year, and preserved our strong capital position. Scholastic’s trade and education businesses performed well and remain positioned for further growth, and we are proud of the work we have done to deepen our digital connections with customers, with digital billings up 15% in the quarter.”
Scholastic is following suit alongside many other companies by not releasing an outlook for fiscal 2021. The reason for this is the novel coronavirus.
SCHL stock was up 3.7% as of Friday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
