Scholastic (NASDAQ:SCHL) unveiled its quarterly earnings results late in the day Thursday, bringing in results that failed to meet Wall Street’s expectations on both the income front, as well as in its revenue total, pushing SCHL stock down after hours.
The New York-based book publisher said that for its third quarter of fiscal 2018, it posted a loss of $12.6 million, roughly 36 cents per share. On an adjusted basis for non-recurring costs, the company posted a loss of 32 cents per share, about 5 cents wider than the Wall Street consensus loss of 27 cents per share.
Scholastic’s revenue tallied up to $360.1 million for the three-month period, falling behind the $371.1 million that analysts called for. The company added that it now sees its fiscal 2019 earnings as being in the range of $1.60 to $1.70 per share, while revenue is slated to be between $1.65 billion to $1.7 billion.
“Consolidated revenue in the seasonally lower third quarter was up 4% over the prior year, keeping us on course to achieve our sales targets for fiscal 2019,” said Richard Robinson, Scholastic chairman, president and CEO. “Children’s Book Publishing and Distribution was up 8% reflecting particularly strong performance in trade and media, while Education was on plan, setting the stage for the fourth quarter where almost half of the year’s revenue is recorded. Trade publishing also performed well in International, though the strong dollar continued to affect revenues.”
SCHL stock was sliding late in the day Thursday, falling close to 5% after the bell on its underwhelming results. During regular trading hours, shares had been up about 2.1% today.
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