Scholastic Corp Stock Shoots Higher After Q4 Earnings: EPS Beat, Stock Buyback and More

Scholastic Corporation SCHL shares are trading higher in the after-hours Thursday after the company announced fourth-quarter financial results.

It reported quarterly earnings of $2.26 per share, versus the analyst consensus estimate of $1.70, a 31.4% increase over earnings of $1.72 per share from the same period last year. Quarterly sales came in at $528.30 million, versus the analyst consensus estimate of $541.76 million, a 2.70% increase over sales of $514.40 million in the same period last year.

Scholastic issued full-year 2024 revenue growth guidance between 3% and 5%. The goal for the company is to guard margins and support growth.

The company's Board of Directors authorized an additional $100 million for repurchases of its common stock under its stock repurchase program. Scholastic expects to continue purchasing shares when conditions permit, on the open market or in negotiated private transactions.

Peter Warwick, President and CEO, said, "Scholastic finished fiscal 2023 strongly, with fourth quarter operating income up significantly from last year's record level and full year results meeting or exceeding revised guidance. Successful performance management in response to this year's short-term headwinds, plus the continued benefit of operational efficiencies achieved since the pandemic, contributed to higher margins and profits across all business segments."

Related Link: CSX Stock Falls After Q2 Earnings: Here's Why

SCHL Price Action: Shares of SCHL were up 8.47% at $43.15 in the after-hours session Thursday, according to Benzinga Pro.

Image by Sabrina Eickhoff from Pixabay