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Nov 30, 2023
Scholastic Q2 2024 Earnings Report
Scholastic's Q2 2024 financial results were released, showing a decrease in revenue but an increase in operating income and diluted earnings per share.
Key Takeaways
Scholastic reported a decrease in revenue by 4% to $562.6 million, primarily due to reduced promotional spending and the elimination of unprofitable orders in Book Clubs. However, operating income increased by 1% to $101.3 million, and diluted earnings per share increased by 16% to $2.45. The company returned over $58 million to shareholders through share buybacks and dividends.
Revenues decreased by 4% to $562.6 million due to reduced promotional spending and unprofitable orders in Book Clubs.
Operating income increased by 1% to $101.3 million, driven by lower promotional spending and improvements in inventory and freight costs.
Diluted earnings per share increased by 16% to $2.45.
The company updated its fiscal year 2024 guidance, now expecting Adjusted EBITDA of $165 million to $175 million and revenue to be approximately level with or slightly below the prior year.
Scholastic
Scholastic
Scholastic Revenue by Segment
Scholastic Revenue by Geographic Location
Revenue by Segment
Children's Book Publishing & Dist. Revenue
CapyFin.comRevenue by Geographic Location
International Revenue
CapyFin.com Forward Guidance
The Company has updated its guidance for fiscal year 2024 and now expects Adjusted EBITDA of $165 million to $175 million. Full-year revenue is now expected to be approximately level with or slightly below the prior year.