NEW YORK - Scholastic (NASDAQ:SCHL) Corporation (NASDAQ:SCHL), the global children's publishing and media company, reported fiscal first quarter results that beat revenue expectations, sending shares up 5.5% in after-hours trading.
The company posted a loss of $2.13 per share for the quarter ended August 31, wider than analysts' estimates for a loss of $1.81 per share. However, revenue came in at $237.2 million, surpassing the consensus forecast of $235.61 million.
Scholastic's first quarter is typically its slowest period due to the summer break for schools. The company said its operating loss improved modestly versus the prior year quarter.
"During our first quarter, Scholastic prepared for another important back-to-school season, as we executed on our long-term growth initiatives," said Peter Warwick, President and CEO of Scholastic.
Revenue increased 4% YoY, driven by the contribution from the recently acquired 9 Story Media Group. This was partially offset by lower sales of supplemental curriculum products in the Education Solutions segment.
The Children's Book Publishing and Distribution segment saw revenues rise 3% to $105.4 million, with Book Fairs revenue up 5%.
Scholastic affirmed its fiscal 2025 guidance and said it remains focused on expanding its core businesses while developing new literacy programs.
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