Scholastic Corporation SCHL shares are trading lower in Thursday's after-hours session following the company's first-quarter earnings report. Here's a look at the details.
What To Know: Scholastic reported quarterly losses of $2.20 per share which missed the analyst consensus estimate of losses of $1.20, a 65.41% decrease over losses of $1.33 per share from the same period last year. The company reported quarterly sales of $228.50 million which missed the analyst consensus estimate of $268.79 million, a 13.08% decrease over sales of $262.90 million the same period last year.
The company also reported free cash use of $57.8 million in fiscal 2024, compared to free cash use of $76.5 million in the prior period. The figure is attributed to decreased cash use from operating activities as well as greater investments and operational optimization efforts.
Peter Warwick, President and CEO, said, "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."
Related Link: What's Going On With AMC Entertainment Stock?
SCHL Price Action: Shares of SCHL were down 5.78% at $36.70 in the after-hours session at the time of publication, according to Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
