Scholastic (NASDAQ:SCHL) stock is falling on Friday after the publishing company released its earnings report for the fiscal first quarter of 2024.
The bad news for SCHL stock starts with its adjusted earnings per share of -$2.20. That’s a major miss compared to Wall Street’s estimate of -$1.35 per share. There’s no comparative data from the prior year available.
To go along with this, Scholastic reports revenue of $228.5 million during its fiscal Q1 earnings release. Yet again, this comes in below analysts’ revenue estimate of $268.79 million. It also represents a 13% year-over-year decline from $262.9 million.
Peter Warwick, president and CEO of Scholastic, said the following about the results:
“Building on a strong end to fiscal 2023, Scholastic made solid progress this summer, implementing our newly integrated School Reading Events strategy while optimizing and investing in other areas of our business for long-term growth. As expected, first quarter’s operating loss grew from a year ago, reflecting this spending as well as the timing and seasonality of sales in our Education Solutions division.”
How This Affects SCHL Stock
With today’s earnings report comes some 46,000 shares of SCHL stock changing hands. That’s still a far way off from the company’s daily average trading volume of about 209,000 shares. Even so, shares of SCHL are down 15.3% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
