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Scholastic narrows losses in seasonally light Q3

Mar. 21, 2019 4:14 PM ETScholastic Corporation (SCHL) StockBy: Jason Aycock, SA News Editor
  • Scholastic (NASDAQ:SCHL) posted narrower losses in its fiscal Q3 results on slightly higher revenues in a seasonally light quarter.
  • Net loss shrank to $12.6M from a year-ago loss of $49.2M, though the prior year included a noncash pretax charge of $39.6M tied to benefit plan settlement.
  • Operating loss trimmed to $21.4M from $23.7M.
  • Revenues rose by 4.5% to $360.1M; the impact of new ASC 606 guidelines increased revenues by $9.4M, and without that, revenues would have been up 2%.
  • Revenue by segment: Children's Book Publishing and Distribution, $218M (up 8%); Education, $60.3M (up 1%); International, $81.8M (down 2%).
  • The company says it's on course to achieve a 2019 goal of revenues of $1.65B-$1.7B, with the peak fourth quarter coming up. It's guiding to EPS at the low end of previous range of $1.60-$1.70, and affirmed its EBITDA target of $160M-$170M.
  • Conference call to come at 4:30 p.m.
  • Previously: Scholastic misses on revenue (Mar. 21 2019)
  • Press release

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