Scholastic Earns $2.19 Per Share (SCHL)

New York City-based Scholastic Corporation SCHL released financial results on Thursday morning. Scholastic Corporation announced that its 2nd quarter net income rose to $74.9 million, or $2.17 per share, up from $55.5 million, or $1.52 per share, a year earlier. The company reported earnings from continuing operations of $2.19 per share. Scholastic Corporation (SCHL) reported revenue of $675.7 million, up from $660.1 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $2.19 per share, on revenue of $684 million. Chairman, president and chief executive officer Richard Robinson said, "While positive, these results were below our plan, reflecting lower spending by school districts and lower than expected revenue in Clubs. For the remainder of the fiscal year, we expect sustained higher service revenue and new products will enable us to hold sales in Scholastic Education level with those a year ago. In addition, we believe increased online ordering, as well as the effects of this fall's increased promotion, will generate modest growth in Clubs during the remainder of the year. We have lowered our outlook for fiscal 2011 based on these factors, but remain optimistic about Scholastic's opportunity for profitable growth, as we build on our unique positions in children's books and educational technology." Scholastic Corporation finished the previous trading day at $29.77 per share. The consensus price target of analysts covering the company's stock is $37.00 per share. Scholastic Corporation is the world's largest publisher and distributor of children's books and a leader in educational technology and children's media. Read more from Benzinga's Company news.