Scholastic Corp (NASDAQ: SCHL) stocks lost ground, after the company reported quarterly earnings at $1.75 per share on revenue of $601.40 million before the opening bell
The New York-based company said Thursday that revenue in the second quarter was $598.3 million, compared to $623.1 million a year ago, a decrease of $24.8 million, or 4%. Operating profit from continuing operations for the second quarter of fiscal 2018 was $107.2 million versus $112.1 million in the prior year period.
The Company reported second-quarter earnings per diluted share from continuing operations of $1.60 versus $1.92 in the prior-year period, including one-time expenses of $0.32 in the current period and $0.07 in the prior-year period. Excluding these one-time items, second-quarter earnings from continuing operations per diluted share was $1.92 versus $1.99 in the prior year period.
CEO Richard Robinson commented in Thursday’s news release, "The second-quarter's solid results, with operating profit close to last year's level, confirm that we are on track to achieve our fiscal year 2018 goals when revenues and profits were expected to be lower after last year's best-selling new Harry Potter releases. Based on these results, we are affirming guidance for the year."
Net cash provided by operating activities was $120.8 million in the current fiscal quarter compared to $179.7 million in the second quarter of fiscal 2017.
Shares in Scholastic demurred $1.61, or 3.8%, to $40.63.
